Answer the following statement(s) true (T) or false (F)
1. Incremental costs are the accumulated expenditures associated with an environmental policy initiative.
2. When implementing environmental policy, all expenses paid by the government plus compliance costs paid by all economic sectors are known as explicit costs.
3. Fixed costs are controllable in the short run but not the long run.
4. The accounting equivalent of variable costs is capital costs.
5. The value of reduced product variety due to an environmental policy initiative or regulation is an example of an implicit cost.
1. False
2. True
3. False
4. False
5. True
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? Assume that Figure 4-4 shows demand for new houses. A decrease in income of buyers will change demand from
A. D1to D2 B. D2to D1. C. D2to D3. D. D1to D3.
Currency devaluations hurt consumers because they make imports ________ expensive in the _____________ currency
a. Less; domestic b. Less; foreign c. More; domestic d. More; foreign
College students living off-campus frequently consume large amounts of ramen noodles and boxed macaroni and cheese. When they finish school and start careers, their consumption of both goods frequently declines. This suggests that ramen noodles and boxed
macaroni and cheese are: A. inferior goods. B. normal goods. C. complementary goods. D. substitute goods.
Which of the following statements about the poverty line is true?
A. The percentage of people living below the poverty line has been cut in half in the last 40 years. B. The percentage of people over 65 living below the poverty line has approximately doubled in the last 40 years. C. The poverty line is adjusted upward for inflation every year. D. The percentage of people living below the poverty line has approximately doubled in the last 40 years.