Suppose sport utility vehicles get poor gas mileage compared to other available cars. If the price of gasoline increases, then one would then expect:
A. the demand for gasoline to decrease.
B. the demand for sport utility vehicles to increase.
C. the demand for sport utility vehicles to decrease.
D. the quantity demanded of sport utility vehicles to decrease.
Answer: C
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Suppose the country of Dingo experienced an economic trough in January 2011. We can conclude that
A) real GDP in Dingo was increasing in January 2011. B) an expansion occurred after January 2011. C) Dingo did not experience a recession in 2010. D) Dingo's potential GDP fell in 2011.
Exhibit 30-3 Costs of Eliminating:Firm A Firm B Firm C 1st ton of pollution$ 30 $ 50 $ 600 2nd ton of pollution$ 70 $ 90 $ 700 3rd ton of pollution$125 $150 $ 900 4th ton of pollution$200 $250 $1,300 Refer to Exhibit 30-3. Suppose that Firms A, B, and C are the only polluters in the state and that each emits 4 tons of pollution into the atmosphere. To cut the level of pollution in half the government issues two transferable pollution permits to each firm. What is the total cost to society of decreasing pollution to half its present level if firm C buys one pollution permit from firm A and one pollution permit from firm B?
A. $515 B. $1,300 C. $1,380 D. $965 E. $10,350
The demand for labor is a derived demand. Employers hire workers until the
A. wage rate equals the average product of labor. B. wage rate equals the marginal revenue product of labor. C. last worker hired adds nothing to total output. D. average product of labor is zero.
Provide four reasons for the changes observed in per-pupil spending during the latter half of the twentieth century
What will be an ideal response?