For teenagers, a 10 percent increase in the price of cigarettes leads to a
a. 1 percent reduction in the quantity demanded of cigarettes.
b. 4 percent reduction in the quantity demanded of cigarettes.
c. 10 percent reduction in the quantity demanded of cigarettes.
d. 12 percent reduction in the quantity demanded of cigarettes.
d
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If a policy maker is convinced that time lags frequently negate the impact of short-run stabilization efforts, it is likely she would favor ________ policy making
A) nondiscretionary B) discretionary C) aggressive D) active
Economists view pollution as an economic problem that arises because
a. private enterprise always minimizes the amount of pollution produced b. profitable firms rarely pollute c. as the economy grows, the level of pollution declines d. firms that pollute do not pay the full social cost of producing their output e. pollution costs are borne by the consumer
Which of the following is true about renewable resources? a. Land resources include oil, coal, and natural gas that have a fixed stock. b. Land resources include irrigation networks and wastewater treatment plants that utilize water
c. Land resources include air filtration systems in buildings that renew and refresh polluted air from the outside. d. Land resources include forests, range lands, and marine fisheries that naturally regenerate.
The present discounted value of R dollars to be paid in t years is
A. the future market value of receiving R dollars in t years. B. the amount you will have to save in the future to allow you to consume R dollars today. C. the amount you have to put aside now if you want to ensure that you end up with R dollars t years from now. D. equal to R × t years.