Under EPA regulations, a factory
A. must pay for the right to pollute.
B. can increase air pollution from its grinding process if it decreases air pollution from its smelting process.
C. cannot under any circumstances build a polluting factory in an area where pollution standards are not being met by existing firms.
D. can pay off regulators in order to continue operations business as usual.
Answer: B
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Assuming the standard assumptions, in a single-play ultimatum game, the second player's best strategy in the last round is to:
A. accept only those offers over 50 percent of the total. B. accept any offer greater than zero. C. reject all but evenly split offers. D. reject all offers.
Which of the following normative criteria rejects a policy whenever there exists an alternative policy that could unanimously defeat it?
a. Majority rule. b. The efficiency criterion. c. The Pareto criterion. d. The potential Pareto criterion.
An increase in demand combined with no change in supply
A) raises the equilibrium price. B) lowers the equilibrium price. C) results in only a movement rightward along the demand curve. D) decreases demand because the supply curve does not shift.
Exhibit 6-1 Total utility for good X Total utility (utils)0 80 120 148 160 155 Quantity consumed per day0 1 2 3 4 5 As shown in Exhibit 6-1, the marginal utility for the second unit consumed is:
A. 0. B. 40. C. 80. D. 200.