Is the claim that environmental standards reduce industrial competitiveness valid?
A) Yes, because environmental standards raise costs to businesses.
B) No, because consumers will want to buy from firms that pollute less.
C) No, because environmental standards have little effect in high-income countries.
D) Yes, because environmental standards will cause the imposition of WTO sanctions.
A
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
If the slope of the per-worker production function is 1/4 in a given range, how will a $10,000 increase in capital per hour worked affect real GDP per hour worked in the same given range?
A) Real GDP per hour worked will increase by $10,000. B) Real GDP per hour worked will decrease by $40.000. C) Real GDP per hour worked will increase by $40,000. D) Real GDP per hour worked will increase by $2,500.
Turning points in business cycles occur when
A) a new business cycle is initiated at the trough. B) the economy hits the peak or trough in the business cycle. C) the business cycle begins to follow a new pattern that differs from previous business cycles. D) a new business cycle is initiated at the peak.
Consider the market for ride-on lawn mowers and the recent increases in the price of oil. The recent increase in the price of oil makes it more expensive to manufacture ride-on lawn mowers. An increase in the price of oil also makes it more expensive to run a ride-on mower. If the price of oil increases, the demand for ride-on mowers will ________ and the supply will ________.
A. decrease; increase B. increase; decrease C. decrease; decrease D. increase; increase