Many economists argue that the most efficient way to control pollution is to
a. ban all activities that create pollution.
b. enforce legal standards on air and water quality.
c. promote environmental awareness among citizens.
d. impose taxes on emissions.
d
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Suppose the base year of the CPI is 2010, and the CPI calculated for 2012 was 102. What is the correct interpretation of this number?
A. The cost of living for a typical consumer is 2 % higher than it was in 2010. B. Average prices in the economy have increased by 1.9 % since 2010. C. The average goods of all consumers has risen an average of 2 % from 2010 to 2012. D. Average prices in the economy have increased by 102 % since 2010.
Use the figure to calculate the income elasticity of demand when income increases from $25,000 to $30,000:
A. -0.1818 B. -1.0 C. 0.1818 D. 1.2 E. -1.5
Figure 5.4In Figure 5.4, supply is perfectly inelastic in graph:
A. A. B. B. C. C. D. D.
A production possibilities frontier with a bowed-outward shape indicates
A) the possibility of inefficient production. B) constant opportunity costs as more and more of one good is produced. C) increasing opportunity costs as more and more of one good is produced. D) decreasing opportunity costs as more and more of one good is produced.