In Climate Casino, Nordhaus discusses the difference between carbon taxes and cap-and-trade programs in Ch. 20. He says a major difference is that "The price of carbon would fluctuate under a cap-and-trade regime while the quantity of CO2 emitted would remain constant. Under a carbon tax, the quantity emitted would fluctuate while the price would be stable." Shifts in supply or demand in the electricity market could generate such fluctuations.

Select the correct answer. the word intestate means that a person has died with or without a will?

Ummit record company is negotiating with two banks for a $157,000 loan. fidelity bank requires a compensating balance of 24 percent, discounts the loan, and wants to be paid back in four quarterly payments. southwest bank requires a compensating balance of 12 percent, does not discount the loan, but wants to be paid back in 12 monthly installments. the stated rate for both banks is 9 percent. compensating balances will be subtracted from the $157,000 in determining the available funds in part a. a-1. calculate the effective interest rate for fidelity bank and southwest bank. (do not round intermediate calculations. input your answers as a percent rounded to 2 decimal places.) a-2. which loan should summit accept? southwest bank fidelity bank b. recompute the effective cost of interest, assuming that summit ordinarily maintains $37,680 at each bank in deposits that will serve as compensating balances

Why is efficiency an important economic goal?