Answer the following statement(s) true (T) or false (F)
1. Ambient standards identify the desired level of environmental level to be achieved, typically expressed as a maximum allowable concentration of a pollutant.
2. Standards are the fundamental basis of most environmental policies.
3. A standard that specifies a pollution limit along with the equipment to be used to achieve that limit is called a performance-based standard.
4. If an environmental standard is set at a level where the associated marginal abatement cost (MAC) is equal to the marginal social benefit (MSB), it is considered an allocatively efficient standard.
5. Marginal social benefit (MSB) of abatement can be thought of as the reduction in damages linked to reducing pollution.
1. True
2. True
3. False
4. False
5. True
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For any transaction, the sum of consumer surplus and producer surplus is cooperative surplus
Indicate whether the statement is true or false
The demand for a good is more price inelastic if
A) its price is higher. B) the percentage of income spent on it is larger. C) it is a luxury good. D) it has no close substitutes.
Refer to Figure 22-4. The movement from E to B to D in the figure above illustrates
A) diminishing returns to capital. B) a decline in capital per worker. C) an improvement in technology. D) diminishing returns to labor.
From the classical perspective, an increase in unemployment during a recession represents
A) voluntary unemployment. B) a roughly equal mix of voluntary and involuntary unemployment. C) involuntary unemployment. D) a decrease in the number of discouraged workers in an economy.