Some nations avoid the effects of trade deflection in a trade bloc by enforcing
A) trade deflection.
B) trade diversion.
C) quotas.
D) rules of origin.
Answer: D
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Consider the environmental problem created by two paint companies that release chromium wastes into a nearby stream. The state authorities set a standard for the waterway that requires a combined abatement level (A) for chromium of 15 units. Suppose that the two firms, firm 1 and firm 2, face the following marginal abatement cost equations: MAC1 = 3.2A1 and MAC2 = 0.8A2, where costs are measured in thousands of dollars.
Under a tradable pollution permits system (cap and trade), government _____________ the amount of pollution, ___________________ what the price to pollute will be.
A. knows; and polluters immediately know B. doesn't know; and polluters don't immediately know C. knows; but polluters don't immediately know D. doesn't know; but polluters immediately know
Autonomous consumption is consumption that:
a. varies directly with disposable income. b. varies inversely with disposable income. c. is independent of the level of disposable income. d. is constant at first and then varies with disposable income.
Which of the following owns the largest portion of the U.S. national debt?
A. State and local governments. B. The federal government. C. Foreigners. D. The private sector.