In the long-run, all costs are

Which one of the following statements is false?

a. Global warming and ocean pollution are examples of global commons issues b. Solving problems with global commons usually requires international cooperation c. Problems with the global commons are becoming more prevalent as human economic activity increases d. Problems with global commons occur because countries view their global environmental impacts as externalities e. Solving problems involving global commons is not possible because of free rider effects

Which of the following statements would be true of an economy that can be characterized as being to the left of the IS curve?

A) There is an excess demand for commodities at the existing interest rate. B) There will be a tendency for the level of output to decrease. C) There is an excess supply of commodities at the existing interest rate. D) There will be a tendency for interest rates to fall.