When electricity buyers and electric utility companies trade with one another, the electric utilities may generate electricity with a coal-burning power plant. This produces sulfur dioxide, nitrogen dioxide, particulates, and other air pollutants, which affect people who may not be among the buyers or sellers. This phenomenon is known as
A. mitigation.
B. a negative externality.
C. resource overuse.
D. excess supply.
Answer: B
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The Federal Reserve System is owned by
a. federal government agencies such as the Treasury b. the Congress of the United States c. the banks that are members of the Federal Reserve System d. the legislatures of all 50 states e. people who have deposits in member banks
An economic model can be defined as
a. a testable claim which can be evaluated with proper data. b. a representation of a theory or a part of a theory. c. another word for theory. d. a method to distinguish correlation from causation. e. All of the above are correct.
The political popularity of a tariff on imported goods that compete with products of a well-established domestic industry is
a. surprising since one would expect the political power of consumers to override the interests of even a well-established domestic industry. b. surprising since one would expect the economic harm resulting from tariffs to be well understood by voters. c. not surprising since such a tariff would generally benefit an easily recognized interest group at the expense of uninformed, uninterested consumers. d. not surprising since the tariff enables domestic producers and consumers to gain at the expense of foreigners.
Suppose that some country had an adult population of about 46 million, a labor-force participation rate of 75 percent, and an unemployment rate of 8 percent. How many people were employed?
a. 2.76 million b. 31.74 million c. 34.5 million d. 42.32 million