Suppose air pollution creates a haze that obscures a previously clear view of a distant mountain range. This effect of pollution would be called
A. material and crop damage.
B. a health impact.
C. harm to environmental amenities.
D. ecological damage.
Answer: C
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The concavity or bowed-out shape of the production possibilities frontier is the result of
A. the law of downward-sloping demand. B. the law of upward-sloping demand. C. the principle of increasing cost. D. complementarity in consumption.
Which statement holds true for the period of slavery in U.S. history?
(a) Slavery was a moral institution. (b) The system wasted natural resources. (c) It provided slaveholders with incentives to avoid purchasing farm implements. (d) It developed land and profitably produced agricultural goods for sale in world markets.
The difference between quantity restrictions and price ceilings as to their effect on the market is that
A. while price ceilings are efficient, quantity restrictions are not. B. while some consumers gain from price ceilings, no consumers gain from quantity restrictions. C. only quantity restrictions make the market inefficient. D. only price ceilings make the market inefficient.
Refer to the diagram, in which C 3 is the before-tax consumption schedule.The after-tax consumption schedule represented by C 2 reflects:
A. a lower MPC than is embodied in C 3 .
B. a regressive tax system.
C. a proportional tax system.
D. a progressive tax system.