Economic growth may face environmental limits because:
A. economic growth may lead to less, not more, pollution.
B. global environmental problems are not handled by markets or national governments.
C. economic growth can take the form of new, different, and "cleaner" goods and services.
D. the market mechanism mobilizes resources to deal with shortages.
Answer: B
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Are the short-run average total cost curve and the long-run average cost both U-shaped for the same reasons? If so, carefully explain these reasons. If not, explain why each curve is U-shaped
What will be an ideal response?
When a hard frost hits orange groves in Florida, the supply of orange juice ________ and price ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
The concept of loss aversion is:
A. preferring certain outcomes over uncertain ones. B. a general tendency for people to put more effort into achieving gains than avoiding losses. C. a general tendency for people to put more effort into avoiding losses than achieving gains. D. a spectrum of tolerance for risky situations.
Please refer to the following diagram If the supply curve is S, at a price of $2 there will be a
A. shortage of 1. B. surplus of 1. C. shortage of 2. D. surplus of 2.