What is a problem with command-and-control policies?
a. It provides too much flexibility for firms to determine the best way to reduce their pollution.
b. There are strong incentives to lower costs of reducing pollution.
c. It is not the most efficient method for reducing pollution.
d. There is strong agreement as to what are the correct policies.
c. It is not the most efficient method for reducing pollution.
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Where should a producer stop devoting more of his spending on labor if initially the MRP of the additional dollar spent on labor is higher than the MRP of the additional unit spent on tools?
A. MRP/$ of additional labor falls below MRP/$ of additional tools. B. MRP/$ of additional capital increases above MRP/$ of additional tools. C. MRP/$ of additional labor becomes equal to MRP/$ of additional tools. D. MRP/$ of the additional labor falls to zero.
Which of the following is true regarding the use of laboratory experiments in economic analysis?
A. Decisions made in the laboratory differ from those made in the real world. B. Laboratory experiments introduce no additional influences on decision making. C. Experimental subjects are often representative of the general population. D. Economic analysis to date has never successfully employed laboratory experiments.
A decrease in income will shift the demand curve for an inferior good to the right
a. True b. False Indicate whether the statement is true or false
Adam Smith's insight was that prices adjust to guide individual buyers and sellers to reach outcomes where, in many cases,
a. opportunity cost is minimized for buyers. b. scarcity is reduced for society. c. well-being of society is maximized. d. opportunity cost of production is maximized.