In the United States, the primary standards established for identified criteria pollutants
a. are known as the NESHAP
b. are applicable only to mobile sources
c. are intended to protect public welfare
d. are motivated solely by expected benefits with no consideration for economic feasibility
d. are motivated solely by expected benefits with no consideration for economic feasibility
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After watching a movie, Alan chooses not to watch a second and goes for a walk instead. Economists could explain his choices using the concept of:
A. budget constraints. B. diminishing marginal utility. C. income effect. D. substitution effect.
The most likely impact of an unanticipated increase in the money supply is
a. an increase in the real interest rate, which in turn stimulates investment and GDP. b. a decrease in the real interest rate, which in turn stimulates investment and GDP. c. a reduction in the general level of prices, which will increase the disposable income of households. d. an improvement in technology, which will stimulate both output and employment.
Consider a market characterized by a Herfindahl-Hirschman index of 5,000. One of the firms in this market has a Lerner index of 0.89 and is considering a horizontal merger with a competing firm. Based on this information, it is likely that the U.S. Department of Justice will:
A. reject the merger since the industry is highly concentrated, even though the firm proposing the merger has little market power. B. reject the merger since the industry is highly concentrated and the firm proposing the merger has significant market power. C. approve the merger since the industry is not concentrated and the firm proposing to merge has little market power. D. None of the answers are correct.
If a consumer concludes that the marginal utility of the last dollar spent on vegetables exceeds the marginal utility of the last dollar spent on junk food, he will respond by
A) consuming relatively more junk food and fewer vegetables. B) consuming relatively more vegetables and less junk food. C) consuming equal amounts of vegetables and junk food. D) halting consumption of junk food altogether.