Geographic areas in which pollution is greater than what is allowed by national ambient air quality standards are referred to as
a. mobile source areas
b. prevention of significant deterioration (PSD) areas
c. nonattainment areas
d. air quality control regions (AQCRs)
c. nonattainment areas
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If real GDP is $1,200 billion, the population is 60 million, and aggregate hours are 80 billion, labor productivity is
A) $6.67 an hour. B) $15.00 an hour. C) $150 an hour. D) $5.00 an hour. E) $20,000.
Suppose a competitive market with adverse selection has settled into a pooling equilibrium where everyone is offered the same price. If full markets are re-established through signals, the new equilibrium will be more efficient than the original pooling equilibrium.
Answer the following statement true (T) or false (F)
If one player defects in a repeated game, and his opponent is following a tit-for-tat strategy, we can predict the opponent will:
A. defect in the next round. B. renegotiate. C. cooperate and try to get his opponent to follow. D. collude.
Which of the following provides a way for millions of producers and consumers to allocate scarce resources?
a. government agency b. market economy c. trade organization d. price controls