In the Paris Agreement on Climate Change, participating nations agreed to
A. trade carbon-dioxide permits.
B. reduce their overall emissions of greenhouse gases to yield a reduction in the global temperature by 2050.
C. buy greenhouse gas emission permits from developing nations.
D. eliminate all emissions of greenhouse gases by 2050.
Answer: B
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Oligopolists almost always cooperate in making price and output decisions.
Answer the following statement true (T) or false (F)
Total profit is maximized at the output level at which the:
A. area between the total revenue and total cost curves is greatest. B. vertical distance between the total revenue and total cost curves is minimized. C. total cost and total revenue curves intersect. D. vertical distance between the total revenue curve and the total cost curve is maximized.
If we were to look at entire decades, the worst inflation was during the decade of the
A. 1950s. B. 1960s. C. 1970s. D. 1980s.
Suppose a firm produces the level of output at which the marginal cost of the last unit produced equals the price of the good. Which of the following statements is always true?
A. The firm should produce more if its economic profit is positive. B. The firm should shutdown if its total revenue is less than its variable cost. C. The firm will earn a positive economic profit. D. The firm is maximizing its profit.