The opportunity cost of slowing global warming by reducing carbon dioxide emissions is
a. extremely high because policies that would significantly reduce emissions will adversely affect economic growth.
b. insignificant compared to the probable impact of warming from those emissions.
c. irrelevant because each aspect of the environment is important enough to justify full protection from environmental change, at whatever cost is necessary.
d. zero because fuel cost savings alone will offset all opportunity costs.
A
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A firm's primary interest when it hires an additional worker is
A) whether or not the new worker gets along with the firm's existing workers. B) the cost of hiring the additional worker. C) how the average output of the firm will be affected by this new worker. D) the extra revenue the firm realizes from hiring that worker.
A perfectly competitive firm is operating where its total revenue equals its total cost. In the short run, if market demand increases, this firm will have an economic
a. loss and reduce output b. loss while expanding output c. profit and reduce output d. profit while expanding output e. profit, but will not change output
In order to achieve a high economic freedom rating, a country must
a. elect political officials democratically. b. protect property rights, enforce contracts even-handedly, and rely extensively on markets to allocate goods and services. c. provide citizens with housing, health care, and other basic goods free of charge. d. use the taxing power of the state to redistribute income from the rich to the poor and thereby promote income equality.
If the price of inputs falls and the level of consumer indebtedness rises:
a. Price index falls, and real GDP falls. b. Price index falls, and the change in real GDP is uncertain. c. The change in price index is uncertain, and real GDP rises. d. The change in price index is uncertain, and real GDP falls. e. Neither the price index nor real GDP changes.