How has air quality changed in the United States since 1980?
What will be an ideal response?
Generally air quality in the United States has improved. Most sources of pollution have decreased substantially and even ozone, which has changed the least, has decreased.
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When the supply curve is flat, a tariff on imported goods
a. always increases the welfare of Americans. b. always decreases the welfare of American.. c. has no effect on the welfare of Americans. d. only affects the welfare of Americans if the goods are also made domestically .
Think of the interest rate as the "price" of a home loan. Other things constant, if people expect interest rates to rise significantly over the next couple months, their willingness to purchase a home financed by a mortgage today will tend to
A) rise. B) fall. C) remain unchanged. D) do any of the above because home purchase decisions are independent of interest rates on mortgages.
Suppose that the value of the long-run absolute elasticity of demand for a good is 1.2. Then, we know the short-run absolute price elasticity of demand will be
A) inelastic. B) greater than 1.2. C) elastic. D) less than 1.2.
The dean of your college is considering hiring another economics professor. If the additional revenue that the college can earn from employing the professor exceeds the additional cost, the college should
a. do nothing b. continue to study the issue c. hire the professor d. stop offering economics classes e. not hire the professor and lay off a professor already on the faculty