Which one of the following statement is false?
A) Traditional and ecological economics may come up with different policy recommendations
B) Most standard natural resource and environmental economics is an extension of microeconomic theory
C) Cost-benefit analysis excludes the values of non-marketed goods
D) Valuation techniques may be insufficient to capture the scope of global environmental problems
Ans: C) Cost-benefit analysis excludes the values of non-marketed goods
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Refer to the scenario above. If the government of India wants to repay a lower sum of money to the U.S., it should:
A) buy both dollars and rupees. B) sell both dollars and rupees. C) buy dollars and sell rupees. D) buy rupees and sell dollars.
When employment discrimination results from the personal prejudices of employers, economic theory suggests that
a. discrimination by an employer will reduce production costs since the employer can pay lower wages. b. the wages of employees who are discriminated against will rise. c. an employer who discriminates will have the same costs as those who do not discriminate. d. competitive forces will tend to reduce discrimination.
Suppose Aiyanna's Pizzeria currently faces a linear demand curve and is charging a very high price per pizza and doing very little business. Aiyanna now decides to lower pizza prices by 5 percent per week for an indefinite period of time. We can expect that each successive week:
A. demand will become more price elastic. B. price elasticity of demand will not change as price is lowered. C. demand will become less price elastic. D. the elasticity of supply will increase.
If all resources were perfectly adaptable for alternative uses, the production possibilities curve would
A) be bowed out. B) be bowed in. C) be a straight line. D) not exist.