Global Climate Change

question 13

Multiple Choice

Global climate change

• A) has been linked to floods, droughts, and record high temperatures.
• B) in the next 50 years is expected to be greater than the last 18,000 years combined.
• C) is affecting weather patterns, plant and animal distributions, and melting glaciers.
• D) has increased the spread of infectious diseases.
• E) all of the above

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Definitions:

Resource

Raw materials, labor, capital, and other inputs used in the production of goods and services.

External Benefits

Benefits of a good or service that are not captured by the market price and are received by third parties.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and products that are similar but differentiated.

Maximize Profit

The goal of adjusting production or service levels to achieve the highest possible returns.