When discussing issues of pollution, it is clear that
A) since polluters are harming other people they must be made to stop polluting.
B) we can easily delineate who is the victim and who is the villain.
C) the most efficient amount of pollution is no pollution at all.
D) None of the above are true.
D
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If the correlation between GDP and y is -0.75, we say y is
A) procyclical. B) acyclical. C) countercyclical. D) tricyclical.
The long-run average cost curve may initially slope downward due to
A) decreasing average fixed costs. B) increasing marginal returns. C) economies of scale. D) All of the above.
When a new discount retailer, like Wal-Mart, opens a store, people save money. The CPI
a. completely ignores this b. accounts for every implication of this c. misses the reduction in what people pay when they shift but captures the effect from that point on. d. does not count sales at discount stores. e. misses the reduction in what people pay only for stores in mid-sized cities.
A private agreement to reduce pollution becomes harder when ______.
a. both parties are fully informed on the effects of the deal b. ownership of property rights is clearly determined c. the number of involved parties increases d. the public can be excluded from enjoying the benefits