Answer the following statement(s) true (T) or false (F)
1. Under the Superfund Act, the EPA has the authority to require those responsible for a hazardous substance release, known as potentially responsible parties (PRPs), to correct the problem and pay for damages.
2. Lack of good information was among the issues facing the United States as it began to address the hazardous waste site problem in the nation.
3. The feedstock taxes to finance Superfund were devised mainly to act as a market incentive to improve the environment.
4. According to the textbook application, General Electric is dredging the Hudson River because it illegally released tons of pesticides into the river, starting in 1940.
5. To establish legal responsibility under the Superfund Act, courts use strict liability as well as joint and several liability.
1. True
2. True
3. False
4. False
5. True
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In a community where poor people do not associate with members of the opposite sex until they are 21 years old, the cost of hiring a babysitter on weekends will be
A) higher than in other communities. B) lower than in other communities. C) prohibitive. D) zero.
The price of a bus ride decreases, and the total revenue of the bus company decreases. The demand for bus rides is ________
A) perfectly elastic B) inelastic C) unit elastic D) elastic but not necessarily perfectly elastic
When a firm incurs losses in the short run, the most important consideration in determining whether to continue producing is whether
a. marginal cost equals marginal revenue b. average total cost is at its minimum c. average variable cost is at its minimum d. revenues cover some of its fixed costs and all of its variable cost e. total revenue exceeds total cost
During economic fluctuations, markets tend to move
a. together. b. in random directions. c. in opposite directions. d. in many different directions.