The Environmental Protection Agency (EPA) requires that firms in a certain industry adopt a particular technology to reduce the emission of pollutants. Is this requirement a command- and-control policy or is it a market-based policy?
The requirement that firms adopt a particular technology is a command-and-control policy.
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Provide three examples of scarcity that illustrate why even the 1,210 billionaires in the world face scarcity
What will be an ideal response?
Suppose that the nominal exchange rate between the U.S. dollar and the Canadian dollar is 0.75 U.S. dollars per Canadian dollar. If Canada's rate of inflation is 0 percent and the U.S. rate is 10 percent, then the real exchange rate for the U.S
dollar will A) appreciate by about 9 percent. B) appreciate by 10 percent. C) depreciate by about 9 percent. D) depreciate by 10 percent. E) None of the above.
Which of the following is an example of a cartel?
a. Advanced Micro Devices b. AREVA c. Organization of the Petroleum Exporting Countries d. Combat Observation Laser Teams e. Lloyds Banking Group
Which of the following statements about the concept of opportunity cost is true?
A. The opportunity cost of a decision is the cost of all possible alternatives to the good produced. B. Many decisions do not involve an opportunity cost. C. If you have an economics final and an American history final tomorrow, the opportunity cost of studying five hours for your economics exam is the five hours you cannot study for your history exam. D. The opportunity cost of a college education at a school where you have to drive 100 miles per week is the cost and maintenance of owning an automobile to drive to and from school.