Exhibit 30-3 Costs of Eliminating:Firm A Firm B Firm C 1st ton of pollution$ 30 $ 50 $ 600 2nd ton of pollution$ 70 $ 90 $ 700 3rd ton of pollution$125 $150 $ 900 4th ton of pollution$200 $250 $1,300 Refer to Exhibit 30-3. What is the cost to Firm A of eliminating 2 tons of pollution?
A. $100
B. $200
C. $700
D. $425
E. $1,500
Answer: A
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Potential GDP is the value of real GDP when ______
A. the unemployment rate equals the natural unemployment rate B. there is no frictional unemployment C. there is no structural unemployment D. the unemployment rate is zero
Which of the following utility comparisons would a traditional economist make?
a. Priya gets twice as many utils from eating almonds as Mateo does. b. Aponi gets the same number of utils from eating cashews as Priya gets from eating almonds. c. Almonds have more utils than cashews because of the health benefits. d. Mateo likes walnuts and cashews equally, so he gets the same number of utils from both.
The duration of unemployment tends to rise when
A) business activity goes into a downturn. B) business activity starts back up after a long period of decline. C) people leave their jobs rather than lose their jobs. D) the number of entrants exceeds the number of reentrants.
The major factor distinguishing M1 from M2 is:
a. Legal tender status. b. Liquidity. c. Whether or not the financial asset is backed by gold, silver, or some other precious metal. d. Whether or not the financial asset can be turned into a precious metal quickly and without substantial loss of value. e. All of the above are important distinguishing factors.