The modification of manufacturing processes so as to reduce the resulting environmental damage is an endeavor that requires capital investment, labor inputs, and technology. What then follows from this statement?
A) Economic growth can benefit the environment.
B) Environmental damage is a regrettable but necessary side effect of economic growth.
C) The condition of the environment will be better in slower-growing countries.
D) The way to reduce pollution is to educate people about its effects.
A
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An increase in the demand for washing machines might be caused by
A. a decrease in the number of buyers. B. an expected increase in the price of washing machines. C. a decrease in the price of washing machines. D. an expected decrease in the price of washing machines.
A spike in "All Other Outlays" of the federal government in 2009 was due to: a. an increase in the financial aid given to Greece earlier that year
b. an increase in the expenditures on Social Security and Medicare. c. the fiscal stimulus package passed earlier that year. d. a sudden increase in military expenditure as a result of the war in Iraq. e. an increase in the national debt earlier that year.
To abstract from reality in an economic model means that:
a. we include only a few of the essential aspects of reality. b. the economic study surveys only a very limited period of time. c. we include only those elements which support our hypothesis. d. the model includes every aspect of the real world. e. the model examines the actions of the consumers in the absence of producers and the government.
A single-price monopoly
A) must practice price discrimination. B) can lower its price for only a few select consumers if it wants to increase its sales. C) will set its price equal to a consumer's willingness to pay. D) must lower the price for all customers if it wants to increase its sales. E) is able to raise its price as high as it wants and consumers must still buy from it because it is a monopoly.