Other than OPEC, the shortage of gasoline in the U.S. in the 1970s could also be blamed on
a. a sharp increase in the demand for gasoline that was brought on by the Vietnam War.
b. the government's policy of maintaining a price ceiling on gasoline.
c. an indifference among U.S. consumers toward conservation.
d. the lack of substitutes for crude oil.
b
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Lizzie's preferences are shown in the figure above. Lizzie definitely prefers consuming ________ to consuming ________
A) 1 comic book and 12 cookies; 4 comic books and 4 cookies B) 2 comic books and 12 cookies; 4 comic books and 8 cookies C) 4 comic books and 12 cookies; 2 comic books and 12 cookies D) 6 comic books and 12 cookies; 8 comic books and 16 cookies
The two most important rationales for government intervention in non-monopolistic markets are
A) market failure and asymmetric information. B) substandard products and job creation for public employees. C) job creation and income maintenance. D) unfair pricing and usury.
The “cradle to grave” approach to materials and waste management
a. involves a linear flow of materials and wastes b. involves a circular flow of materials and wastes c. does not consider industrial waste as part of the materials flow d. none of the above
Which of the following is an example of an international externality, in which production (or consumption) activities in one country impose external costs on other countries?
A. Transborder pollution B. Moral hazard C. Persistent dumping D. Free-riding