In 1964, President Johnson improved the economy by passing the ______.
a. Reagan tax cuts
b. Kennedy tax cuts
c. American Recovery and Reinvestment Act
d. Supply-Side Laffer Curve
b. Kennedy tax cuts
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The first step toward reducing negative externalities or maintaining them within acceptable bounds, according to the argument of the textbook, is
A) constructing an exhaustive list of all negative externalities. B) creating a central planning authority for negative externalities. C) cultivating such civic virtues as courtesy and tolerance. D) halting population growth. E) prohibiting activities whose costs are greater than their benefits.
When there is excess supply of a product in a market,
a. price will tend to rise. b. price must be above the equilibrium price. c. producers will expand output and sales will rise. d. price must be below the equilibrium price.
The supply curve for a monopolist:
a. is upward sloping b. is vertical c. is equal to the MC curve above AVC d. is equal to the MR curve above the AVC e. none of the above
Requiring that a firm engage in pollution abatement will likely do all of the following except
A. Shift the firm's ATC curve downward. B. Reduce profits for the firm. C. Reduce the amount of output the firm produces. D. Shift the firm's MC curve upward.