Refer to Scenario 1.2 below to answer the question(s) that follow.SCENARIO 1.2: A scientist wants to understand the relationship between automobile emissions and the level of global warming. The scientist collects data on the volume of automobile emissions and the levels of global warming over time. The scientist concludes that a 1% increase in automobile emissions causes a 0.0003% increase in average global temperatures. From this information he concludes that the automobile emissions are harmful to the environment and should be reduced to stop the increase in global temperatures.Refer to Scenario 1.2. The collection and use of the data on automobile emissions and global warming levels is an example of
A. econometrics.
B. empirical economics.
C. economic history.
D. law and economics.
Answer: B
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A form of business whose profits are taxed twice is
A) a proprietorship. B) a partnership. C) a corporation. D) either a proprietorship or a partnership, depending on other information.
A main trading partner with the U.S. is:
A. South Africa. B. China. C. Norway. D. Saudi Arabia.
A bus is mostly filled with passengers and ready to travel from Los Angeles to San Francisco. At the last minute, a person comes running up to the bus and takes a seat. The change in the bus company's total cost as a result of transporting one more passenger on this trip is called
a. marginal cost b. average total cost c. variable cost d. fixed cost e. opportunity cost
A Blue Ribbon Committee has decided that acid rain should be reduced and is trying to determine the optimal level of reduction. There are benefits from reducing acid rain (more wildlife and forests, better health, etc.), but there are also costs. The committee estimates that the marginal benefit of each unit of reduction is $700 - 5R, where R is units of reduction, and the marginal cost is 2R. If the committee wants to maximize the net benefit from reducing acid rain, what is the optimal level of pollution reduction?
A. $200 B. $100 C. $20 D. $10