From an economic standpoint, the passage of the Clean Air Act of 1970 did which of the following?
a. The 1970 act failed to recognize the atmosphere as an economic resource, which, like other resources, has alternative uses.
b. The 1970 act formally recognized the unlimited right of U.S. firms to freely pollute the air.
c. The 1970 act recognized the atmosphere as an economic resource with alternative uses, and gave Americans the right to breathe air of a certain quality.
d. The 1970 act recognized the atmosphere as an economic resource with very limited uses.
c
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Refer to the scenario above. How much should he pay for the painting if he thinks that there is a 70% chance that the painting he is buying is original?
A) $50,000 B) $35,000 C) $70,000 D) $15,000
According to your authors, the prohibition on alcohol in the U.S. primarily shifted the ________ curve to the ________
A) supply; right B) supply; left C) demand; left D) demand; right