Critics of the "limits to growth" thesis argue that:
A. clean air and water is a luxury good and the more economically developed a country becomes the easier it will be to keep the environment clean.
B. economic growth will always take the form of more of what we have now, rather than newer, better, and cleaner goods and services.
C. the market is not capable of adjusting to shortages of resources.
D. government action spurred by political pressure is the best way to avoid the depletion of natural resources and pollution of the environment that results from economic growth.
Answer: A
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Refer to the figure above. If A forms a customs union with B, it will import
A) 400 units from B. B) 200 units from C. C) 200 units from each. D) 400 units from B and 200 units from C.
Suppose a market is initially perfectly competitive with many firms selling an identical product. Over time, however, suppose the merging of firms results in the market being served by only three or four firms selling this same product. As a result, we would expect
a. an increase in market output and an increase in the price of the product. b. an increase in market output and an decrease in the price of the product. c. a decrease in market output and an increase in the price of the product. d. a decrease in market output and a decrease in the price of the product.
Oligopoly is characterized by all of the following except
A. some industries that produce identical products. B. frequent price wars. C. high barriers to entry. D. prices that are above the minimum of the ATC curve.