Why hasn't the U.S. ratified the Kyoto Protocol?
a. It views the agreement as not merely flawed or incomplete, but actually harmful.
b. It fears the economic consequences of reducing fossil fuel use.
c. It does not consider the environment a major priority.
d. Its leaders and politicians overwhelmingly believe global warming is not a real threat.
b. It fears the economic consequences of reducing fossil fuel use.
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If firms in a price-taker industry were forced to install antipollution devices that increased their production costs, we should expect
A) the cost curves for the firms in this industry to shift downward. B) the market price of the product to decrease. C) that the firms in the industry would suffer long-run economic losses. D) that the firms in the industry would earn normal economic profits in the long run, as the higher production costs were passed along to consumers in the form of higher prices.
Refer to Figure 24-3. Which of the points in the above graph are possible short-run equilibria but not long-run equilibria? Assume that Y1 represents potential GDP
A) A and B B) A and C C) C and D D) B and D
In the United States, major league baseball is exempt from antitrust laws. Before 1975, the baseball team owners agreed to hold an annual draft of amateur baseball players
Once the players were drafted and signed by a team, they were effectively tied to that team for life. This allowed baseball owners to operate like ________ in the market for player services. A) perfect competitors B) monopolistic competitors C) a monopsonistic cartel D) a monopoly
The purchasing power parity theory is useful in making ____ predictions about exchange rates and their fluctuations
a. long-run b. intermediate-run c. medium-run d. short-run