One of the reasons that pollution problems are as large as they are is that
a. markets let individuals and firms deplete valuable resources without charging money for doing so.
b. markets are incapable of incorporating valuable resources such as air and pure water.
c. governments use resources without paying for them the way that individuals and firms must.
d. markets are not an efficient means to address scarcity.
a
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The LRAC curve generally is
A) shaped as an upside-down U. B) U-shaped. C) upward sloping. D) downward sloping.
Which of the following statements about the Social Security, Medicare, and Medicaid programs is true?
A) Some economists have argued for decreasing taxes to help with these programs' funding problems. B) Spending on these three programs will rise from 9.7% of GDP currently to 10.2% of GDP by 2050. C) Costs are being driven up by the fact that Americans are living longer and medical costs are rising substantially. D) Some economists have argued for increasing benefits to help with these programs' funding problems.
In a progressive income tax system,
A) the marginal tax rate exceeds the average tax rate. B) the average tax rate exceeds the marginal tax rate. C) high income earners pay a lower percentage of their income in taxes than do low income earners. D) the tax rate depends solely on how long an individual has been in the labor force.
Marginal social cost is defined as marginal private cost
A. plus opportunity cost. B. plus marginal opportunity cost. C. minus incidental cost. D. plus incidental cost.