The most threatening and damaging detrimental externality at issue today is
A. the explosion and oil spill at the Deepwater Horizon.
B. the continued pollution of city air due to factory emissions.
C. water shortages.
D. global warming.
Answer: D
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An increase in the number of fast-food restaurants
A) raises the price of fast-food meals. B) increases the demand for fast-food meals. C) increases the supply of fast-food meals. D) increases the demand for substitutes for fast-food meals.
The most common measures used to evaluate health outcomes are
a. Life expectancy at birth. b. Life expectancy from external causes. c. Infant mortality. d. Both a and c
Keynesian economics includes the idea that
A. prices adjust to clear the markets. B. economic policies are ineffective. C. the economy is basically stable. D. labor markets don't always clear due to wage rigidities.
Suppose that the income elasticity of demand for good X is positive but less than 1. Other things being equal, which of the following statements is INCORRECT?
A. Good X is a normal good. B. The quantity demanded of good X decreases as a consumer's income declines. C. A consumer buys more X as income rises, but the share of income spent on good X falls. D. A consumer buys more X as income rises and the share of income spent on good X also rises.