Americans are creating an enormous amount of solid waste daily—over 4 pounds per person per day. How is the United States coping with this extraordinary problem?
What will be an ideal response?
Fortunately, recycling rates are rising to meet this rising tide of garbage. The Environmental Protection Agency estimates that the rate at which materials in the municipal solid waste stream were recycled rose to 33 percent in 2008, which represents an increase of 200 percent. The situation has been aided by rising prices of recycled materials as manufacturers have employed the technology available for recycling.
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The United States has a comparative advantage and specialize in the production of airplanes. Compared to the situation with no trade, which of the following will occur?
A) More airplanes will be produced in the United States. B) There will be no change in the price of airplanes in the United States. C) The world price of airplanes will increase. D) The quantity of airplanes demanded in the United States will increase.
The term market always refers to
a. an arrangement in which an auctioneer plays at least a limited role in setting prices. b. an arrangement in which buyers and sellers meet at a specific time and place. c. a group of buyers and sellers of a particular good or service. d. a single buyer and seller of a particular good or service.