The marginal benefit of pollution abatement is graphically illustrated by
A) an upward sloping curve.
B) a downward sloping curve.
C) a horizontal curve.
D) a vertical curve.
Answer: B
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Refer to Figure 9-3. With a quota in place, what is the quantity consumed in the domestic market and what portion of this is supplied by imports?
A) Domestic consumption equals 40 million pounds of which 22 million pounds are imports. B) Domestic consumption equals 34 million pounds of which 18 million pounds are imports. C) Domestic consumption equals 34 million pounds of which 16 million pounds are imports. D) Domestic consumption equals 28 million pounds of which 18 million pounds are imports.
Which of the following describes an economy?
a. The social arrangement that determines what is produced, how it is produced, and for whom it is produced b. The process that describes the evolution of human society c. The arrangement that determines who governs the people and how they govern the people d. The system by which a state or community is controlled
What will the federal government have to do in order to redeem the bonds in the Social Security Trust Fund?
a. raise taxes b. cut expenditures on other government programs c. borrow additional funds d. Some combination of a, b, and c.
Which of the following best describes the comparative advantage of the two countries illustrated in Figure 35.1?
A. Japan has a comparative advantage in motorcycles, the United States in DVD players. B. Japan has a comparative advantage in DVD players, the United States in motorcycles. C. The United States has a comparative advantage in both goods. D. Japan has a comparative advantage in both goods.