In accordance with the law of supply, if the price doubled, the quantity supplied would generally
a. rise.
b. fall.
c. double.
d. drop by half.
a. rise.
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Answer the following statement(s) true (T) or false (F)
1. Among the reasons that may explain why abatement standards are not set efficiently is imperfect information. 2. If an abatement standard is set to satisfy allocative efficiency on a national scale, that standard would not be optimal at the regional level unless the national MSB and MSC functions were identical to those at the regional level. 3. The command-and-control approach to environmental policy uses rules, emissions limits, and various incentive-based policy instruments. 4. According to the cost-effectivenesscriterion, all polluting sources would abate pollution to the point where their individual marginal abatement cost (MAC) levels were equal.
Which of the following is the best example of money used as a medium of exchange?
A. Prices of products in a store in Mexico are marked in terms of U.S. dollars. B. A farmer stores $100 dollar bills in a strong box under the floor in a barn. C. A plumber unclogs a drain for a carpenter, who repairs broken steps for the plumber. D. In a prisoner of war camp cigarettes are traded for socks, candy and/or food, even by nonsmokers.
In the Keynesian model, consumption
A) is positively related to income but saving is not systematically related to either income or interest rates. B) and saving are positively related to the real interest rate. C) and saving are positively related to income. D) is positively related to income and saving is negatively related to the stock market.
The demand curve for labor of Coca-Cola manufacturers will not shift to the right if:
A. Coca-Cola workers become unionized. B. the price of Coca-Cola increases. C. the firms innovate with new technology that raises labor productivity. D. the price of Pepsi increases.