A tradeoff exists between a clean environment and a higher level of income in that
a. studies show that individuals with higher levels of income actually pollute less than low-income individuals.
b. efforts to reduce pollution typically are not completely successful.
c. laws that reduce pollution raise costs of production and reduce incomes.
d. by employing individuals to clean up pollution, employment and income both rise.
C
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We can expect very small deviations from interest rate parity in
A) the domestic markets. B) the Eurocurrency market. C) the goods market. D) All of the above.
A perfectly competitive firm is maximizing profits in the short run. This implies that the firm is earning the most economic profits possible, which
A) must be positive.
B) must be either zero or positive.
C) can be positive, negative, or zero.
D) exist at the point at which price equals total
An economy suffering from high inflation despite low economic growth and high unemployment is experiencing:
A. an economic boom. B. an economic downturn. C. hyperinflation. D. stagflation.
Economic growth is usually defined as
A. the increase in output over time, as measured by real per capita Gross Domestic Product (GDP). B. the rate of increase in output divided by the increase in labor. C. the increase in input availability. D. the reduction in the real cost of necessities.