1. A Stanford study titled the “Economic Impact of Climate Change on the World” reported that the impacts of
climate change on economic growth are expected to
a.equally bad for all nations on earth.
b.far worse for nations who already have high average temperatures than for nations with low average
temperatures.
c.far worse for nations that currently have cold average temperatures
d.nonexistent as economic growth and climate change are completely unrelated.
e.none of the above.
2. Which of the following market structures sells a product or service that is the same as the other sellers in the
industry it operates in?
a.perfect competition
b.perfect competition and monopolistic competition
c.perfect competition and differentiated oligopoly
d.all of the above
e.none of the above
1. A Stanford study titled the “Economic Impact of Climate Change on the World” reported that the impacts of climate change on economic growth are expected to -
b.far worse for nations who already have high average temperatures than for nations with low average
temperatures.
Explanation
According to their studies, "Countries in the tropics, already hotter than this optimal temperature, are likely to face the most dramatic economic pain from warming"
2. Which of the following market structures sells a product or service that is the same as the other sellers in the industry it operates in -
a. Perfect Competition.
Explanation
Monopolistic Competition refers to a market structure where many producers sell products that are differentiated from one another and hence are not perfect substitutes and they are competing with those differentiated market products.
Differentiated Oligopoly refers to where some firms are competing with each other with their differentiated product.
Now perfect competition refers to a market structure where many (infinite number of) firms are producing the same product and selling it a fixed market-determined price.
1. A Stanford study titled the “Economic Impact of Climate Change on the World” reported that...
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