The decline in the popularity of clothing made from animal fur has enticed large department stores like J. C. Penney and Sears to discontinue sales of animal-fur products. How does discontinuing sales of these products by J.C. Penney and Sears affect the
animal-fur clothing market?
A) The demand curve for animal-fur clothing shifts to the right.
B) The demand curve for animal-fur clothing shifts to the left.
C) The supply curve for animal-fur clothing shifts to the right.
D) The supply curve for animal-fur clothing shifts to the left.
Answer: D
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Kenneth Chay and Michael Greenstone examined the impact of reductions in air pollution since the passage of the Clean Air Act of 1970. Which of the following statements summarizes their findings?
A) In the two years following passage of the Act, fewer infants died than would have died if the Act had not been passed. B) The benefits of reducing the six main air pollutants in the two years following the Act greatly exceeded the costs. C) The marginal cost of reducing emissions of sulfur dioxide has increased over time as the marginal benefit of the reductions has increased. D) The marginal benefit of reductions in air pollution was less than the marginal cost.
What special role does the president play in creating fiscal policy?
What will be an ideal response?
The slope of an indifference curve is
a. the rate of change of consumer's preferences. b. the marginal rate of preference. c. the marginal rate of substitution. d. always equal to the slope of the budget constraint.
How do you know that firms benefit society?
A. Entrepreneurs start businesses. B. Customers voluntarily pay for their products. C. Firms pay taxes and employ people. D. Firms earn profits and produce goods.