The Burning of Fossil Fuels May Cause Global Warming

question 42

Multiple Choice

The burning of fossil fuels may cause global warming. Considering both the science and the reactions of crops, human health, and other factors across differing climates, economists generally agree that

• A) to protect the interests of future generations, the buildup of carbon dioxide must soon be stopped.
• B) any climate change, if it actually occurs, will be extremely costly.
• C) there will be both costs and benefits if the climate warms.
• D) all people will be worse off if the climate warms.

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Definitions:

Perfectly Inelastic

A situation in demand where the quantity demanded does not change regardless of changes in price.

Short Run

A period of time during which at least one of a firm's inputs is fixed, limiting its capacity to adjust to changes in demand.

Rent

A periodic payment made by tenants to landlords for the use of land, a building, or other property.

Supply Curve

A curve that illustrates the supply for a product by showing how each possible price (on the vertical axis) is associated with a specific quantity supplied (on the horizontal axis).