In 2005, the European Union began a program to
A. allow the trading of carbon-dioxide permits among firms.
B. reduce greenhouse gas emissions by 10 percent within 5 years.
C. eliminate greenhouse gas emissions by 50 percent within 15 years.
D. subsidize firms that pollute more than a given limit.
Answer: A
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In the context of a roulette wheel, gambler's fallacy refers to the belief that:
A) outcomes of a gamble are mostly repetitive. B) winners in a gamble lose the next round. C) outcomes of a gamble tend to avoid repeats. D) winners in a gamble continue to win in streaks.
Suppose that over the past year, the real interest rate was 6 percent and the inflation rate was -2 percent. It follows that
a. the dollar value of savings increased at 4 percent, and the purchasing power of savings increased at 6 percent. b. the dollar value of savings increased at 4 percent, and the purchasing power of savings increased at 8 percent. c. the dollar value of savings increased at 8 percent, and the purchasing power of savings increased at 4 percent. d. the dollar value of savings increased at 8 percent, and the purchasing power of savings increased at 6 percent.
A significant advantage to being a member of a trade bloc is
A) higher tariff collections from member countries. B) reduced or eliminated tariffs among member countries. C) reduced tariff rates only for the largest member countries. D) None of the above; there is no economic advantage to a trade bloc.
The production function
A. shows the relationship between input prices and amount of input used. B. always shows increasing marginal product of labor. C. shows the maximum level of output for a given set of inputs. D. is an economic relationship between revenue and cost.