In 2005, the European Union began a program to
A) reduce greenhouse gas emissions by 10 percent within 5 years.
B) eliminate greenhouse gas emissions by 50 percent within 15 years.
C) subsidize firms that pollute more than a given limit.
D) allow the trading of carbon-dioxide permits among firms.
Answer: D
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Marginal revenue product of labor for a competitive seller is
A) equal to the marginal product of labor multiplied by the output price. B) the marginal revenue of the product multiplied by the output price. C) the change in total product from hiring one more worker. D) the output price multiplied by the quantity sold.
Which statement(s) are most likely correct about supply?
a. A rise in price almost always leads to an increase in the quantity supplied of that good. b. A rise in price almost always leads to a decrease in the quantity supplied of that good. c. A fall in price almost always lead to an increase the quantity supplied. d. A rise in price almost always leader to an increase in the quantity demanded of that good.
The term "present value" refers to the future value of present day money.
A. True B. False C. Uncertain