Another name for a system of marketable permits is:
A. cap-and-trade.
B. command and control.
C. the Environmental Protection Agency.
D. the carbon tax.
Answer: A
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If a resource is nonrenewable and we use 2 percent of its supply per year,
a. it will gradually be depleted b. its supply will be constant regardless of use because it has the nonrenewability property c. it will become renewable as its supply approaches zero d. it could never be depleted because 2 percent of a diminishing supply is an increasing amount e. it will decrease at a diminishing rate so that its supply will approach its initial quantity
A merger between two firms occurs when
a. two firms agree to work temporarily on a single project, which is why we constantly read about mergers occurring and splitting up b. one firm splits into two or more firms, such as General Motors splitting into divisions of Buick, Pontiac, and so on c. each of the two firms agrees not to sell in each other's markets d. the two firms become one firm, as in the newspaper industry when the Chicago Sun and the Chicago Times became the Chicago Sun-Times e. one firm quits the industry and another takes over its market share
When equilibrium GDP is greater than potential GDP, jobs are plentiful and labor is in great demand.
Answer the following statement true (T) or false (F)
Which theory says that inflation occurs when the demand for goods exceeds the existing supply?
(A) Quantity theory (B) Demand-pull theory (C) Cost-push theory (D) Supply-and-demand theory