When the Environmental Protection Agency (EPA) assigns one emission standard to a particular group of plants, this is called
a. monopoly
b. positive externalities
c. a pollution compensation tax
d. the bubble concept
e. a municipal ordinance
D
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Which of the following does NOT affect potential GDP?
A) the quantity of money B) the quantity of labor employed C) the quantity of capital and human capital D) the amount of entrepreneurial talent available E) the quantity of land and natural resources
Which of the following would likely be the most affected when the economy is in the recession phase of the business cycle?
A) gasoline sales B) housing sales C) beer and wine sales D) movie ticket sales
When two goods are substitutes, a shock that raises the price of one good causes the price of the other good to
A) remain unchanged. B) decrease. C) increase. D) change in an unpredictable manner.
The cross price elasticity of demand is (mathematically) the
A. percentage change in the quantity demanded of one good divided by the price of another good. B. percentage change in the quantity supplied of one good divided by the price of another good. C. percentage change in the quantity supplied of a good divided by the price of that good. D. percentage change in the quantity demanded of a good divided by the price of that good.