Distinguish between and give examples of nonrenewable resources and renewable resources
What will be an ideal response?
Renewable natural resources include such items as forests, wildlife, rivers, lakes, oceans, the atmosphere, and solar energy. These resources are capable of growing back or renewing themselves, and thus can provide benefits in perpetuity if managed well. Nonrenewable natural resources include such items as oil, coal, natural gas, and metal ores that are found in relatively fixed supply.
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Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each.Process(smoke/day) A(4 tons/day) B(3 tons/day) C(2 tons/day) D(1 ton/day) E(0 tons/day) Cost to Firm X ($/day) $500$514$530$555$585 Cost to Firm Y ($/day) $400$420$445$480 $520Cost to Firm z ($/day) $300$325$360$400 $550Suppose the government requires each firm to reduce pollution to 2 tons of smoke per day, so that total daily smoke emission is 6 tons. The total cost to society of this policy will be ________ per day.
A. $42 B. $59 C. $135 D. $230
The fact that private sector economic agents cannot be systematically fooled by economic policymakers is implied by
A) the Phillips curve. B) time inconsistency. C) commitment. D) the rational expectations hypothesis.
For a perfectly competitive firm, marginal revenue equals average revenue because the
a. firm's supply curve is horizontal. b. industry's demand curve is horizontal. c. firm's demand curve is horizontal. d. industry's supply curve is horizontal.
Based on the graph showing the supply and demand for health care service, health insurance ______.
a. decreases the demand for health care
b. increases the demand for health care
c. decreases the price for health care
d. increases the efficiency of health care