Answer the following statement(s) true (T) or false (F)
1. The change in health, ecological, and property damages linked to environmental policy is known as incremental benefits.
2. An indirect gain to society attributable to environmental policy implementation is referred to as a primary environmental benefit.
3. Increased fish populations linked to water pollution policy would be a type of secondary environmental benefit.
4. In theory, the concept of incremental benefits refers to the change in MSB of environmental quality from a pre-policy level to a post-policy level.
5. If the MSB function for some measure of environmental quality were known, the change in TSB associated with a policy initiative could be measured by the area under the MSB between the pre- and post-abatement levels.
1. True
2. False
3. False
4. False
5. True
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In the above figure, the opportunity cost of moving from producing 50 guitars and 50 ukuleles to producing 25 guitars and 75 ukuleles is
A) 25 guitars. B) 75 ukuleles. C) 25 ukuleles. D) 50 guitars.
If we were to examine the economic record of the former Soviet Union and China during the 1980s, we could reasonably conclude that
A. China was successful and the Soviet Union was not. B. The Soviet Union was successful and China was not. C. Both the Soviet Union and China were successful. D. Neither China nor the Soviet Union were successful.
Which of the following is a determinant of supply?
A) tastes and preferences of consumers B) technology C) consumer income D) number of consumers
A price index shows
A) the current cost of a basket of goods. B) the relative price of necessities. C) the price of goods in the future. D) the cost of today's goods expressed in terms of the cost of goods in a base year.