question
The cost of cleaning up pollution can be measured by all of the following EXCEPT _________.
answer
market prices and quantity of goods/services produced.
question
Which of the following statements best describes the minimum wage?
answer
It is a price floor that decreases consumer surplus as compared to the free market equilibrium price and output.
question
Which of the following is NOT an obstacle to the implementation of environmentally sustainable business practices?
answer
Investor awareness of climate change as a risk has increased enough to be addressed by the SEC
question
Which one of the following is NOT an example of a practice that contributes to anthropomorphic climate change?
answer
Change in migration patterns
question
Which of the following scenarios relates to both natural and frictional employment?
answer
Mikhal just moved with his family from Miami to Chicago and is looking for work.
question
Which statement below is NOT true regarding process mapping?
answer
Almost all business practices and decisions have been documented in some way or another
question
An economy in which price and quantity sold of goods and services is determined solely by supply and demand is a __________.
answer
Market economy
question
Which of the following best describes externalities?
answer
Third party costs or benefits that skew the correct market equilibrium
question
The price at which the consumer purchases the taxed good increases by less than the amount of the tax.
Who of the following bears more of the burden of this tax, assuming that demand is more elastic than supply?
Who of the following bears more of the burden of this tax, assuming that demand is more elastic than supply?
answer
Producers
question
Which of the following explains why the S & P 500 is considered a leading economic indicator?
answer
Changes in stock prices reflect investors' expectations for the future of the economy and interest rates
question
Which of the following corresponds with non-competitive market failure?
answer
One international corporation with a monopoly on cotton seed production
question
A(n) __________ good is one that can be consumed by one person, and still continue to be consumed by other people.
answer
non-rivalrous
question
Which one of the answers listed is NOT a reason why businesses have been slow to adopt sustainable practices in regard to unemployment?
answer
Sustainable business practices mean larger profits in the long run
question
When do producers benefit from an inelastic supply?
answer
When a subsidy is provided
question
A public good is considered which of the following?
answer
Non-rivalrous and non-exclusive
question
Determine which example represents a coincidence indicator.
answer
Consumer Confidence Index
question
Patricia decides whether or not she can afford to travel to Africa to meet with vendors in person.
Which of the following shapes in a process map would this scenario correspond with?
Which of the following shapes in a process map would this scenario correspond with?
answer
Diamond
question
The "tragedy of the commons" occurs with goods that are _________.
answer
rival and non-excludable
question
CEO "say on pay" was a result of __________.
answer
Closer investor scrutiny of CEO pay
question
What is contingent valuation as it relates to alternative methods for estimating the value of environmental regulations?
answer
Multiplying the amount of people who are willing to pay for trips to natural resources by the number of citizens to construct an estimate on the value of environmental goods
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