If a hurricane were to wipe out the majority of the eastern seaboard in the United States, it would likely cause a:
A. short-run supply shock.
B. long-run supply shock.
C. long-run demand shock.
D. short-run demand shock.
Answer: B
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A removal or depletion tax on an open-access resource increases the marginal private cost of using the resource by
a. zero b. the amount of the tax c. the marginal product of the resource d. the average private cost of using the resource e. the average social cost of using the resource
Which of the following is a difference between M1 and M2? a. M1 includes the most liquid assets, while the assets included in M2 are comparatively less liquid
b. M2 includes the most liquid assets, while the assets included in M1 are comparatively less liquid. c. M2 includes bank accounts from which money can be withdrawn with personal checks, while M1 includes bank accounts from which money cannot be withdrawn with personal checks. d. M2 includes bank accounts from which money can be withdrawn with personal checks, while M1 includes bank accounts from which money can be withdrawn with debit cards.
People scalping tickets for a jazz festival will be successful at selling the tickets for a profit
A. any time the jazz festival is popular. B. when prices are too high. C. when the price set by the festival organizers is less than the market equilibrium price. D. only when there is excess supply.
In the United States, the air quality standards used to control criteria pollutants
a. identify the maximum allowable concentrations of each pollutant b. are set to achieve an efficient abatement level using benefit-cost analysis c. are known as the NESHAP d. are achieved by all AQCRs in the nation