In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices.
B. lower prices.
C. lower output.
D. None of these is true.
Answer: D
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The growth rate of real GDP is best represented as
A) (Contribution from capital) + (Contribution from labor) + (Contribution from total factor productivity) B) (Contribution from capital + Contribution from labor) / (Contribution from total factor productivity) C) (Contribution from total factor productivity) / (Contribution from capital + Contribution from labor) D) (Contribution from capital) × (Contribution from labor) × (Contribution from total factor productivity)
IRA stands for Individual Retirement Asset
a. True b. False
Pepsi is considering an expensive advertising campaign to steal market share from Coca-Cola. Why might both companies have a dominant strategy to advertise, even if advertising attracts few new customers to the cola drink industry?
Which of the following statements is correct?
a. The ideal solution to a pollution problem is to reduce pollution until it is technologically impossible to reduce it any further. b. The ideal and fair solution to a pollution problem is to impose identical compliance standards on all polluting firms. c. Charging firms for transferable emissions permits is a more efficient way of dealing with pollution than are compliance standards. d. A per-unit pollution tax is a more efficient way of dealing with pollution than is a system of transferable emissions permits.