The most efficient distribution of pollution abatement is such that the:
A. largest reductions in pollution are made by the largest polluters.
B. marginal cost of abatement is the same across all polluters.
C. extent of pollution abatement is the same across all geographic regions.
D. extent of pollution abatement is the same across all polluters.
Answer: B
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Which of the following is consistent with the law of demand?
A. An increase in the price of hamburgers causes a decrease in the quantity of hamburgers demanded. B. A decrease in the price of tacos causes sellers to want to sell less. C. A decrease in the price of egg rolls causes a decrease in the quantity of egg rolls demanded. D. An increase in the people's craving for pizza causes buyers to buy more pizza.
An increase in the price of a firm's output increases the firm's demand for labor because the
A) marginal product of each worker increases. B) value of marginal product of each worker increases. C) value of marginal product curve becomes steeper. D) value of marginal product curve becomes flatter.
If the marginal revenue product of an input exceeds the marginal factor cost of the input, the firm
A) should hire less of the input. B) is maximizing profit. C) is not on its marginal cost curve. D) should increase its use of the input.
The Great Recession of 2007–2009 and the financial crisis of 2008 increased the budget deficit because of: a. an increase in the tax rates for high-income households
b. a sudden increase in terrorist attacks and anthrax scares in the economy. c. low interest rates that crowded out private investment. d. discretionary tax cuts and greater outlays on unemployment benefits. e. greater outlays on national defense spending.