The most likely reason why Los Angeles has so much smog is that residents
a. do not have strong, enforceable property rights to rapid transit
b. do not have strong, enforceable property rights to clean air
c. prefer dirty air to the inconvenience of rapid transit
d. prefer dirty air to the inconvenience of carpools
e. prefer dirty air to the inconvenience of eliminating smog
B
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John’s Bait Shop was surprised to learn that when it raised prices by 10 percent, total revenue was unaffected. This is because the elasticity for bait is
A. unit elastic. B. inelastic. C. elastic. D. Not enough information is given.
If GDP rises:
A) income and production must both fall. B) income and production must both rise. C) income must rise, but production may rise or fall. D) none of the above.
Theory in economics
a. involves some simplification of reality b. bears no relation to reality c. approaches reality in all its complexity d. involves so much distortion of reality that it is worthless e. focuses on the unique aspects of each situation
The demand for a productive resource is said to be "derived" because the demand for the factor:
A. Depends on the demand for the product it helps to produce B. Depends on the demand for a complementary factor C. Is derived from the state of the economy D. Is derived from government policy