Answer the following statement(s) true (T) or false (F)
1. Pecuniary costs occur when no money is involved.
2. The EPA was established by the Clean Air Act of 1970.
3. Transferrable pollution rights allow companies to sell pollution credits.
4. The Coase theorem was developed by a Nobel laureate.
5. The inefficiencies resulting from pollution control are eliminated by private negotiations.
1. False
2. True
3. True
4. True
5. False
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According to chapter 1 in your textbook,
A) all economists approach questions with some preconceptions or prejudices. B) economists (and others) ought to approach all questions with a completely open mind, though they often do not. C) economists approach questions with more of an open mind than do most other social scientists. D) most economists approach questions with a completely open mind. E) most economists derive their conclusions from their political preferences.
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for laptop computers. Which panel best describes what happens in this market when the price of computer hard drives falls?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
When the CPI is 300, a real GDP of $8 trillion is demanded in a given year. If the CPI is 250, which of the following could be the real GDP demanded?
A. $10 trillion B. $8 trillion C. $6 trillion D. $4 trillion
In an open economy, which of the following will cause an increase in the size of the multiplier?
A) a reduction in the marginal propensity to import B) a reduction foreign output C) an increase in the marginal propensity to save D) all of the above E) none of the above