Suppose the current stock of greenhouse gases in the atmosphere is 100 million tons, the stock dissipation rate is 0.02, and we will emit 4 million tons into the atmosphere this year
What is the stock level of greenhouse gases expected to be for next year? A) 98 million tons
B) 100 million tons
C) 102 million tons
D) 104 million tons
C
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As output increases, marginal cost
a. continually increases. b. continually decreases. c. increases, reaches a maximum and then declines. d. decreases, reaches a minimum and then rises.
At any given airport, the airlines hold long-term leases for passenger loading gates. New gates cannot be added without approval of the airlines. Frequent flier programs are also common in the industry. It is, therefore, more difficult for a new airline to enter a given airport (market). Such factors: (i) are called barriers to entry. (ii) tend to decrease the contestability of the air travel
market. a. i and ii b. i not ii c. ii not i d. neither i nor ii
The most important economic concept to consider when deciding whether to produce a product domestically or import the product is
A. law of supply. B. law of demand. C. opportunity cost. D. law of increasing cost.
Jimmy is very excited about the costume party with a 1990s theme. He is planning to dress up as MC Hammer but is also considering going as a lifeguard from Baywatch. His opportunity cost of arriving dressed like MC Hammer is:
A. the savings from not purchasing red swimming trunks. B. giving up the alternative of dressing like a lifeguard. C. the cost of parachute pants that MC Hammer would wear. D. there is no opportunity cost because he attended the party either way.