One of the reasons that pollution problems are as large as they are is that
A. markets let individuals and firms deplete valuable resources without charging money for doing so.
B. markets are incapable of incorporating valuable resources such as air and pure water.
C. governments use resources without paying for them the way that individuals and firms must.
D. markets are not an efficient means to address scarcity.
Answer: A
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Which of the following describes a situation in which demand must be inelastic?
a. Total revenue decreases by 10 percent when the price of jeans rises by 10 percent. b. Total revenue decreases by less than 10 percent when the price of jeans rises by 10 percent. c. Total revenue increases by more than 10 percent when the price of jeans rises by 10 percent. d. Total revenue decreases by $10 when the price of jeans rises by $10. e. Total revenue decreases by more than $10 when the price of jeans rises by $10.
An over-the-counter (OTC) market is:
A. made up of dealers who buy and sell for their customers and for their own accounts. B. made up of dealers who only sell government bonds. C. an example of a centralized market. D. made up of dealer who buy and sell only for their own accounts.
The process through which an economy's production possibilities curve shifts outward is:
A. full-employment management. B. investment. C. resource renewal. D. out-resourcing.
Nominal personal consumption expenditures in the United States were $1760.4 billion in 1980 and rose to $3839.3 billion in 1990. The price index for personal consumption expenditures was 58.5 for 1980 and 92.9 for 1990, where 1992 was the base year. Calculate the percent change in real personal consumption expenditures (rounded to the nearest percentage point) in the decade.
A. 59% B. 118% C. 137% D. 37%