Refer to the information in Figure 16.5 below to answer the question(s) that follow.
?Figure 16.5Figure 16.5 shows the marginal benefits of emitting pollution for the only two chemical companies in an industry, Alpha Chemicals and Beta Chemicals. Before any tax on pollution emissions is imposed, each company views pollution as being free.Refer to Figure 16.5. Before any tax on pollution is imposed, Beta Chemicals is emitting ________ tons of pollution.
A. 25
B. 50
C. 75
D. 100
Answer: D
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If the purchasing power of the dollar is less than the purchasing power of the British pound, purchasing power parity predicts that the exchange rate will
A) decrease if the exchange rate is less than 1 pound per dollar. B) be equal to the relative purchasing power across the currencies in the long run. C) increase if the exchange rate is greater than 1 pound per dollar. D) All of the above are correct.
When the government sets a maximum price that can be charged for a good or service, it creates
A) a price support. B) a price floor. C) a white market. D) a price ceiling.
What is the name of the organization that defines business cycle peaks and troughs in the United States?
A) the Bureau of Labor Statistics B) the Federal Reserve C) the National Bureau of Economic Research D) the National Peak and Trough Committee
The desire to smooth consumption is reflected in
A) the consumer's budget constraint. B) the curvature in a consumer's indifference curves. C) choice between present and future. D) the production possibilities frontier.