List and briefly describe the four types of negative impacts from pollution.
What will be an ideal response?
Health impacts are the loss of life and reduction of health caused by negative externalities. Material and crop damage includes the harm to capital and agriculture caused by pollution. Harm to environmental amenities includes damage to aspects of the environment that people find attractive or useful. Ecological damage includes damage to wildlife and plants.
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If the supply curve is more inelastic than the demand curve, then:
A. the sellers will bear a greater tax incidence than the buyers. B. the sellers will bear a smaller tax incidence than the buyers. C. the sellers will bear an equal tax incidence as the buyers. D. Any of these could be true.
Looking at the table of the four types of goods, goods that are rival in consumption consist of ______ goods.
a. private and public
b. private and common
c. public and common
d. public and club
A firm will attain more monopoly power as demand for its product becomes more elastic.
a. true b. false
In July 2020, $1 was worth 45 Indian rupees and in July 2020, $1 was worth 55 Indian rupees. We can therefore conclude that
A. the Indian rupee depreciated. B. the value of the U.S. dollar has fluctuated. C. the Indian rupee appreciated. D. the U.S. dollar has depreciated.