04 Jun Question 13) Recall the application. One factor wh
Question
13) Recall the application. One factor which was responsible for roughly one-fifth of hybrid vehicles purchased in 2007 was a federal subsidy of up to $3,400 per hybrid vehicle. The increase in sales due to this subsidy is an example of which element of the economic way of thinking?
A) responding to incentives
B) thinking at the margin
C) isolating variables
D) using assumptions to simplify
Topic: Application 1, Incentives to Buy Hybrid Vehicles
14) Recall the application. One factor which was responsible for roughly one-third of hybrid vehicles purchased in 2007 was an increase in the price of gasoline. The increase in sales due to higher gasoline prices describe the economic concept of
A) using assumptions to simplify.
B) ceteris paribus.
C) marginal thinking.
D) rational self interest.
Topic: Application 1, Incentives to Buy Hybrid Vehicles
15) Recall the application. The average cost of abating one ton of CO2 emissions through the hybrid subsidy is $177, but a switch from coal to natural gas in power plants would reduce CO2 emissions at less than one-third the cost of the hybrid subsidy. The increase in cost associated with the reduction of one ton of CO2 emissions (assuming that each unit of CO2 emissions is measured in tons) describes the economic concept of
A) using assumptions to simplify.
B) ceteris paribus.
C) marginal thinking.
D) rational self interest.
Topic: Application 1, Incentives to Buy Hybrid Vehicles
Recall the Application about unwanted commercial e-mail, or spam, to answer the following question(s).
16) Recall the application. The economic approach to spam is to
A) establish a price for commercial e-mail.
B) ignore the spam issue because it has no economic implications.
C) have it legislated on the local level since it is a microeconomic issue.
D) ban all e-mail from international servers.
Diff: 2
Topic: Application 2, The Economic Solution To Spam
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