Assigning prices to environmental damage is relatively
A. Easy because the government has the legislative authority to assign prices.
B. Difficult because many items have intangible benefits and thus do not have a market price.
C. Easy because of current scientific techniques.
D. Easy because all items have a market value.
Answer: B
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Which of the following statements regarding the production possibilities frontier is TRUE?
A) Points outside the frontier are attainable. B) Points inside the frontier are attainable. C) Points on the frontier are less efficient than points inside the frontier. D) None of the above because all of the above statements are false.
According to the graph shown, the amount bought by domestic consumers when there is open trade for this good is:
This graph demonstrates the domestic demand and supply for a good, as well as a quota and the world price for that good.
A. 1500.
B. 1150
C. 500.
D. 250.
If a firm is currently producing where MR = MC and price = $24, AVC = $22, and ATC = $26, then in the long run this firm should
a. continue to operate at a loss b. earn a positive profit c. go out of business d. increase output e. decrease price