The Montreal Protocol

question 47

Multiple Choice

The Montreal Protocol:

• A) has not yet resulted in measurable decreases in the quantity of global warming chemicals.
• B) has not yet been ratified by the U.S.Senate.
• C) banned global use of CFCs by 1998.
• D) was signed by all 50 states.
• E) stipulated a 50% reduction in CFCs.

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Definitions:

Consumption Function

An economic formula representing how consumer spending changes in relation to changes in income.

Disposable Income

Disposable income refers to the amount of money that individuals or households have available for spending and saving after income taxes have been accounted for.

Autonomous Consumption

The level of consumption that occurs when income is zero, reflecting the expenditure necessary to meet basic needs.

Saving Function

Is an economic concept describing the relationship between saving and income, indicating how changes in income levels affect the amount of money individuals save.