To show how a variable ________, we typically use a ________
A) relates to another variable; time-series graph
B) relates to another variable; pie chart
C) changes over time; time-series graph
D) changes over time; cross section graph
E) changes over time; cross time chart
C
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Total economic surplus is represented by
A) The area below the demand curve and above the market equilibrium price. B) The area below the demand curve and above the supply curve. C) The area above the supply curve and below the market equilibrium price. D) None of the above.
According to the principle of comparative advantage, a nation should specialize in economic activities
A) that incur lower opportunity costs. B) that incur higher opportunity costs. C) for which it has an absolute advantage. D) for which it has no absolute advantage.
An economy produces only two goods: paper and scissors. Dyes from paper production pollute a nearby river. Use a production possibilities curve (PPC) to illustrate your explanation of how the unfettered market would fail to provide the efficient mix of paper and scissors.
What will be an ideal response?
Direct controls have traditionally been used heavily to control pollution in the United States.
Answer the following statement true (T) or false (F)