Relating to the Economics in Practice on page 337: A number of companies are using their own internal carbon taxes to reflect the social cost of carbon emissions on the environment. The price per ton of carbon emissions that they are using
A) has been set by the government.
B) has been agreed to by the private sector.
C) is not standardized.
D) is the price established by the EPA
Answer: C) is not standardized.
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Game theory reveals that
A) the equilibrium might not be the best solution for the parties involved. B) firms in oligopoly are not interdependent. C) each player looks after what is best for the industry. D) if all firms in an oligopoly take the action that maximizes their profit, then the equilibrium will have the largest possible combined profit of all the firms. E) firms in an oligopoly choose their actions without regard for what the other firms might do.
Which of the following is a true statement regarding the economic growth model's predictions and how it actually affects the real world?
A) The growth model predicts that poor countries will catch up with rich countries, but lower-income industrialized countries are not catching up to higher-income industrialized countries as a group. B) The growth model predicts that poor countries should catch up with rich countries, but developing countries are not catching up to lower-income industrialized countries as a group. C) The growth model predicts that poor countries will catch up with rich countries, and this is what we observe across all developmental categories of countries. D) The growth model predicts that poor countries will never catch up with rich countries, but lower-income industrialized countries are catching up to higher-income industrialized countries as a group.
When neither player has a dominant strategy,
A) game theory will not provide information. B) no Nash-Equilibrium exists. C) at least one Nash-Equilibrium exists. D) the game cannot be analyzed.
The slope of the PPF can be expressed as:
a. the ratio of abundance of capital to labor. b. the preferences of consumers in terms of marginal utility. c. the ratio of the quantities of good 1 and good 2. d. the negative of the ratio of the marginal products of labor in producing each good