Which of the following is not an example of an infrastructure?
a. a transportation system
b. a communications system
c. a values system
d. an educational system
e. an energy system
C
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Answer the following statement(s) true (T) or false (F)
1. For the first time in U.S. history, the EPA has set GHG emissions standards for passenger cars and light-duty trucks for model years 2012 through 2016 and for medium- and heavy-duty vehicles for model years 2014 through 2018. 2. Under the new GHG emissions standards for mobile sources, light-duty vehicles will have to achieve an average emissions level of 250 grams of carbon dioxide (CO2) for model year 2016. 3. The two new national programs aimed at improving fuel efficiency and reducing GHG emissions are strictly command-and-control with no market-based initiatives. 4. Under the Clean Air Act, the emissions controls on mobile sources were set using benefit-cost analysis.
Which of the following statements is not an example of the use of persuasion to correct (or adjust for) an externality?
A. Maggie asks her neighbor to keep his dog quiet at night. B. An environmental group conducts a sit-in at a chemical factory to demand that the firm stop polluting rivers. C. A judicial court imposes a fine on a reckless driver. D. All of the above are examples of the use of persuasion to correct (or adjust for) an externality.
Land rent results from
a. differences in the productivity of land b. equality in the marginal physical product of different acres of land c. landlords demanding a rent higher than the price of land use d. differences in land distance from the marketplace e. the difference between differential and location rents
The law of demand states that
A. scarcity can never be solved. B. when the price of a product falls, people buy more of it. C. prices will continue to rise as long as the population grows. D. supply creates its own demand.