Major achievements of the Roosevelt administration in the field of conservation included all of the following except
a. protection of 150 acres of national forests.
b. retention of rights to 75 million acres of mineral wealth.
c. adoption of policies that would ultimately provide for construction of reservoirs and irrigation projects.
d. protection of over 100 species of animals and birds, including the bald eagle.
d. protection of over 100 species of animals and birds, including the bald eagle.
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Which of the following purchases is most likely to rise as the result of a temporary tax cut, according to the permanent-income hypothesis?
A) television sets and other consumer durables B) steak dinners and other consumer non-durables C) trips to the Virgin Islands and other vacation destinations D) theater tickets and other entertainment expenditures
Why is the optimal quantity of pollution not less than the point at which the marginal benefit equals the marginal cost?
A) The point of intersection occurs at a low level of pollution. B) There are no external costs below that level. C) Below that point firms will have to reduce the quantity that they are currently producing and lower the price. D) Below that point the value that people place on less pollution is less than the cost of reducing the pollution.
Demand is said to be price elastic if
a. the price of the good responds substantially to changes in demand. b. demand shifts substantially when income or the expected future price of the good changes. c. buyers do not respond much to changes in the price of the good. d. buyers respond substantially to changes in the price of the good.
Many macroeconomic variables a. fluctuate together and by different amounts
b. fluctuate together by the same amounts. c. never fluctuate together. d. fluctuate together about half of the time and by the same amount.