Controls on GHG emissions from mobile sources
a. have been in place in the United States since the Clean Air Act of 1970
b. were recently established by the EPA and the National Highway Traffic Safety Administration (NHTSA)
c. are implemented solely through CAFÉ standards issued by the EPA
d. apply solely to heavy-duty trucks and rail transport vehicles
b. were recently established by the EPA and the National Highway Traffic Safety Administration (NHTSA)
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According to the theory of rational expectations,
a. workers' experience tells them that government action to lower unemployment will not affect inflation. b. consumers and investors generally behave so that rationally formed government attempts to stimulate aggregate demand have their desired effects. c. policy goals can be achieved easily in the short run. d. workers' wage demands include anticipated inflation. e. expansionary monetary policy will lead to permanent interest rate declines.
A production possibilities curve is drawn based on which of the following assumptions?
a. Resources are fixed and fully employed, and technology advances at the rate of growth of the economy overall. b. Resources such as labor and capital will grow, are fully employed, and technology is unchanged. c. None of the answers are correct. d. Resources can vary, most resources experience times of unemployment, and technology advances, particularly during wartime. e. Resources such as nonrenewable resources will decline, but labor remains fully employed, and technology is unchanged.
If ice cream has an absolute price elasticity of demand that is greater than 1, then the demand for ice cream is
A) elastic. B) inelastic. C) perfectly inelastic. D) unit elastic.
When a monopolist incurs a loss in the short run, it will stop producing if
A. marginal cost equals marginal revenue. B. total revenue is insufficient to cover fixed costs. C. total revenue is insufficient to cover variable costs. D. demand is greater than marginal revenue.