Direct controls do not have a clear advantage where
A. an emission is so dangerous that it is prohibited altogether.
B. the cost of implementing new methods of reducing emissions varies from firm to firm.
C. effective and dependable metering devices have not been invented or are prohibitively costly to install and operate.
D. a sudden change in circumstances calls for prompt and substantial change in conduct.
Answer: B
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As the price of flour (an input in the production of cookies) increases, firms that produce cookies will:
A. decrease the quantity of cookies supplied. B. increase the quantity of cookies supplied. C. decrease the supply of cookies. D. increase the supply of cookies.
If national laws protecting the health and safety of workers completely eliminate any and all risk, then
A) more people would be employed. B) workers in risky occupations become better off. C) compensating differentials would grow because workers could not be compensated by being given lower risk jobs. D) compensating wage differentials disappear and workers in risky occupations may be no better off.
The net effect of a devaluation on economic growth depends on the mix of capital and labor utilized in the nation's export industries
Indicate whether the statement is true or false
Which of the following factors can partly explain the long-term growth in production in the U.S. economy?
a. Trade surpluses and accumulation of precious metals b. A gradual but consistent increase in the price level c. Growth in population d. Improvements in technology e. Federal government budget deficits