Government allocation of pollution rights cannot be efficient if polluters cannot be easily identified and monitored
a. True
b. False
A
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Long-term increases in productivity that have increased the demand for labor, and raised real wages, have resulted primarily from ________ and ________.
A. technological progress; a modernized capital stock B. a modernized capital stock; an increased labor supply C. technological progress; an increased labor supply D. a modernized capital stock; skill-biased technological change
As real disposable income decreases, the average propensity to consume (APC)
A. is always be below MPC. B. increase. C. remains unchanged. D. decreases.
Medical research that results in a cure for a serious disease produces positive externalities. What is the impact of this positive externality on economic efficiency?
A) At the market equilibrium, less than the economically efficient quantity of medical research is produced. B) A deadweight loss occurs because at the market equilibrium the marginal social cost of medical research is greater than the marginal social benefit. C) At the market equilibrium, more than the economically efficient quantity of medical research is produced. D) A deadweight loss occurs because at the market equilibrium the marginal social cost equals the marginal social benefit.
A majority of states have a minimum wage that is higher than the federal minimum wage.
Answer the following statement true (T) or false (F)