If you can consume a good without having to pay for it, the good must be nonrival in consumption.
Answer the following statement true (T) or false (F)
False
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A model refers to:
A) a perfect replica of reality. B) a simplified description, or representation, of reality. C) facts, measurements, or statistics that describe the world. D) a set of facts established by observation and measurement.
An increase in the quantity demanded of a good is most often due to:
a. current prices. b. higher prices. c. higher income. d. lower prices. e. technological change.
One disadvantage of the pre-1914 gold standard was that
A. pressures to adjust were placed mainly on countries in payments deficit situations, and not on countries in surplus. B. slow expansion of the world's gold stock led to too much inflation in the prices of products other than gold. C. internal prices of economies being rigid, there arose uncertainty in the international trade. D. central banks often changed their announced gold prices to achieve competitive devaluations.
Refer to the data provided in Table 16.4 below to answer the following question(s).Table 16.4 shows the situation facing two firms, both of which are polluting. Assume that each firm emits 5 units of pollution.Table 16.4Firm AFirm AFirm AFirm BFirm BFirm BReduction of Pollution by Firm AMC of reducing pollution for Firm ATC of reducing pollution for Firm AReduction of Pollution by Firm BMC of reducing pollution for Firm BTC of reducing pollution for Firm B1$2$21$16$162 6 82 24 4031220332 724204044011253070548160Refer to Table 16.4. Suppose the government wants to reduce the total amount of pollution from the current level of 10 to 4. To do this, the government caps each firm's emissions at 2 units and issues 2 permits to each firm. If firms are allowed to trade permits, what
is the total cost of the pollution reduction? A. $48 B. $80 C. $86 D. $162