If England limits the playing of U.S. music to no more than 5 hours per day,
A. economists would not call this a limit on trade, since it is a service.
B. this make U.S. producers of television wealthier than they would otherwise be.
C. this is the same as a tariff.
D. this is the same as a quota.
Answer: D
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Which of the following increases the equilibrium price of a used car and decreases the equilibrium quantity?
A) an announcement by the U.S. Attorney General that the windows on older cars were made with cheaper glass that can explode at high speeds B) new federal legislation that raises the legal driving age to twenty-four in all states C) a new fee that used car dealers must pay to the government on all sales of used cars D) all of the above because each is consistent with the "law of demand"
Suppose three neighbors must vote on the installation of a traffic light that costs $210. The cost of the light will be shared by all three
Voter A values the light at $50; voter B values the light at $50; and voter C (who drives the most) values the light at $200. If the voting rule is that the majority wins, does the light get purchased? Is it efficient to purchase the light?
Answer the following statement(s) true (T) or false (F)
1. Standard setting under the Safe Drinking Water Act Amendments of 1996 ignores benefit-cost analysis. 2. The EPA under the Obama administration devised a Drinking Water Strategy with goals that include addressing contaminants as groups instead of one at a time. 3. Under the law, priority contaminants are those that are expected to have an adverse effect on the ecology. 4. Under U.S. law, National Primary Drinking Water Regulations (NPDWRs) have been announced for hundreds of chemicals, microorganisms, and radionuclides. 5. Each National Primary Drinking Water Regulation (NPDWR) includes a Maximum Contaminant Level Goal (MCLG), a Maximum Contaminant Level (MCL), and Best Available Technology (BAT).
In a competitive industry, the industry's short-run supply curve is
A. the vertical sum of the marginal cost curves. B. the horizontal sum of the marginal cost curves. C. determined by the average variable cost curve. D. determined by the average total cost curve.