An explanation for the "inverted U" is that increased industrialization and growth initially ________ the environment, and in the long run, environmental quality ________.
A. improves; improves even more
B. degrades; continues to get worse
C. improves; gets worse
D. degrades; improves
Answer: D
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Refer to Table 4-6. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the price of polo shirts increases from $15 to $20
A) the marginal cost of producing the third polo shirt will increase to $20. B) there will be a surplus of polo shirts. C) producer surplus will rise from $13 to $28. D) consumers will buy no polo shirts.
Refer to the above figure. Suppose the economy is at E and the government uses an expansionary fiscal policy to move the aggregate demand curve to AD2. In the end, the aggregate demand curve is still AD1. A possible reason for this is that
A) the economy is already at full employment. B) the increased borrowing causes higher interest rates, which encourage people to save more and increase investment spending due to the extra saving. C) people increase saving because they anticipate higher future taxes, resulting in a reduction in current consumption spending that offsets the increased government spending. D) some of the increased government spending is not counted in GDP.
The above table gives the demand and supply schedules for Blu-ray discs. Suppose that the price of a Blu-ray disc player increases, resulting in the demand for Blu-ray discs decreasing by 8,000 units at all prices
What are the new equilibrium quantity and equilibrium price of Blu-ray discs? A) 8,000 and $8 B) 16,000 and $16 C) 20,000 and $20 D) 28,000 and $28
The expenditure method of measuring GDP is calculated by adding up: a. the final goods and services produced domestically during a given period
b. C + I + G + (X M). c. domestic production of final goods and services for consumers, firms, government, and the international sector (through net exports). d. all of the above.