China, the last large communist society,
A. has proved that a command economy has far less pollution problems than capitalist economies.
B. has urban smog levels higher than Los Angeles.
C. has the world’s most sophisticated pollution-control devices.
D. has lowered its level of pollution dramatically since 1980.
Answer: B
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What is marginal cost? Which curve is also referred to as the marginal cost curve?
What will be an ideal response?
What is one difference between the Cournot and Stackelberg models?
A) In Cournot, both firms make output decisions simultaneously, and in Stackelberg, one firm sets its output level first. B) In Stackelberg, both firms make output decisions simultaneously, and in Cournot, one firm sets its output level first. C) In Cournot, a firm has the opportunity to react to its rival. D) Profits are zero in Cournot and positive in Stackelberg.
The short-run supply curve of the perfectly competitive firm is the firm’s
A. MC curve. B. AVC curve. C. MC curve above the minimum point on the AVC curve. D. MC curve above the minimum point on the ATC curve.
A tax on individuals’ earnings is called the:
A. payroll tax. B. personal income tax. C. corporate income tax. D. excise tax.