A chemical manufacturer dumps waste into a river, which harms owners of resorts downstream from the chemical factory. Which of the following best describes the situation?
a. The socially efficient level of output exceeds the chemical firm's privately optimal output level
b. River pollution should be reduced until it is technologically impossible to reduce it further.
c. The firm's privately optimal output level exceeds the socially efficient level of output.
d. If the firm were forced to bear the external costs of dumping chemicals into the river, it would increase its production of output.
c
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The demand curve shown in the figure above is ________ over the price range from $95 to $105 per unit
A) perfectly elastic B) perfectly inelastic C) unit elastic D) elastic but not perfectly elastic E) inelastic but not perfectly inelastic
Which of the following is a macroeconomic factor that contributed to the financial crisis in 2007?
A) Global saving and investment imbalances B) Financial market innovation C) Deeper levels of integration across financial markets D) Challenges and failures in financial regulation
If a consumer weakly prefers pizza to hot dogs, and weakly prefers hot dogs to chicken, then he ________ pizza ________ chicken
A) likes; less than B) likes; at least as much as C) dislikes; more than D) dislikes; and is indifferent about
Let {(yt, zt): t = …, ?2,?1, 0, 1, 2, …} be a bivariate time series process. The model: yt= 
+
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1zt -1+ 2zt -2 + ….. + ut, represents a(n):
A. moving average model.
B. ARIMA model.
C. finite distributed lag model.
D. infinite distributed lag model.