Answer the following statement(s) true (T) or false (F)
1. From an economic perspective, the zero discharge goal meets the efficiency criterion by accounting for both the benefits and costs of that objective.
2. According to available data, most water bodies in the United States have met the zero discharge goal.
3. The effluent limitations are set to maximize net benefits.
4. Because the effluent limitations are set uniformly, achieving a cost-effective solution is unlikely.
5. In order for the effluent limitations to achieve cost-effectiveness, the MACs of all polluters would have to be equal.
1. False
2. False
3. False
4. True
5. True
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If two competing models are offered to explain a certain economic phenomenon, the better model is the one
A) that is the newest since newer models are better than old models. B) with the fewest unrealistic assumptions. C) that more often predicts with most accuracy. D) that is not subject to empirical verification.
During the 1960s, U.S. steel firms argued they needed tariff protection because Germany and Japan were using new mills to make steel since their old mills were destroyed in World War II. Essentially, this argument is a form of the
A) infant-industry argument. B) anti-dumping argument. C) countering foreign subsidies argument. D) national defense argument.
Which of the following is the most likely explanation for the imposition of a price floor in the market for corn?
a. Policymakers have studied the effects of the price floor carefully and they recognize that the price floor will improve the efficiency of resource use. b. Buyers and sellers of corn have agreed that the price floor is good for both of them and have therefore pressured policy makers into enacting the price floor. c. Buyers of corn, recognizing that the price floor is good for them, have pressured policy makers into enacting the price floor. d. Sellers of corn, recognizing that the price floor is good for them, have pressured policy makers into enacting the price floor.
A government currently uses price controls to hold down the price of zinc, an exhaustible resource. If price controls are removed,
A. production of zinc will probably fall. B. zinc mines with high marginal cost of production will probably stop producing. C. consumers of zinc will probably want substitutes for zinc. D. income will probably be redistributed from zinc producers to zinc consumers.