Answer the following statement(s) true (T) or false (F)
1. The two major sources of water contamination are typically classified as mobile and stationary sources.
2. Because the Chesapeake Bay’s quality had not improved sufficiently, a Presidential Executive Order established a committee to develop a strategy to restore the bay.
3. A cruise ship is an example of a nonpoint source.
4. Water runoff from a major highway is an example of a point source.
5. According to the textbook application, point source pollution has been eliminated from the Chesapeake Bay.
1. False
2. True
3. False
4. False
5. False
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Economists have found that firms are
A) less likely to change prices as a result of shocks to the aggregate economy than shocks limited to the firm's particular sector. B) more likely to change prices as a result of shocks to the aggregate economy than shocks limited to the firm's particular sector. C) equally likely to change prices as a result of shocks to the aggregate economy as they are shocks limited to the firm's particular sector. D) unlikely to change prices as a result of both shocks to the aggregate economy and shocks limited to the firm's particular sector.
The table above shows the total product schedule for Rick's Lawn Service, a yard care company. Increasing marginal returns
A) end when the fourth worker is hired. B) occur at all levels of employment. C) occur as long as output increases. D) end when the second worker is hired. E) never occur.
A central cause of the rising debt-GDP ratio in the United States during the 1980s and 1990s was
A) the tax cuts of the early 1980s. B) continuous increases in the military portion of the federal budget. C) overly-generous indexation of Social Security benefits. D) deficit-reduction targets.
Why study perfect competition, if it rarely exists?