Which of the following is an example of the U.S. government's use of a "command-and-control" approach to reducing pollution?
A) In 1990 Congress approved measures designed to reduce sulfur dioxide emissions to 8.5 million tons annually by 2010.
B) The U.S. government imposed a tax on electric utilities to reduce damages from acid rain.
C) The government issued electric utilities tradable emission allowances in order to reduce emissions of nitrogen oxide.
D) In the 1980s the U.S. government required the installation of catalytic converters to reduce emissions from all new automobiles.
Answer: D
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What are the five most important variables that shift the market supply curve?
What will be an ideal response?
Consider the production possibilities frontier displayed in the figure shown. A society should choose to produce:
A. at point C because it is the safest.
B. at point B because it represents the most the society can produce.
C. at any point that produce some of each good.
D. at any point on the frontier rather than inside it.
If a fishing boat owner brings 10,000 fish to market and the market price is $7 per fish, she will have $70,000 in total revenue. If the average variable cost of 10,000 fish is $4 and the fixed cost of the boat is $20,000 . what is her profit?
a. $1 b. $3 c. $1,000 d. $3,000 e. $10,000
In 2012, the U.S. minimum wage according to federal law was
a. $4.25 per hour. b. $5.15 per hour. c. $5.75 per hour. d. $7.25 per hour.