In 1903 when air pollution from a Montana smelter owned by the Anaconda Smelting Company destroyed grass and killed some cattle owned by ranchers downwind from the smelter, the ranchers sued for damages and the court
a. ordered the company to pay for the damages caused by its smelter.
b. held the company liable for any future damages caused by its omissions.
c. recognized that the company would pollute less when it was made accountable for the damage caused by its omissions.
d. all of the above.
D
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In a simple circular flow diagram, who supplies factors of production in markets and who buys these factors of production? Who supplies goods and services in markets and who buys these goods and services?
What will be an ideal response?
In the United States from 1981 to 2013, deaths from diabetes increased largely due to the effects of
A) a larger immigrant population. B) increasing obesity. C) stress in the workplace. D) foreign-produced insulin.
The demand for labor is a derived demand. Employers hire workers until the
A. wage rate equals the average product of labor. B. wage rate equals the marginal revenue product of labor. C. last worker hired adds nothing to total output. D. average product of labor is zero.
Most economists prefer regulation to taxation because regulation corrects market inefficiencies at a lower cost than taxation does
a. True b. False Indicate whether the statement is true or false