Government regulations that set an environmental goal and dictate how the goal will be achieved are called:
a. effluent-offset regulations.
b. incentive-based regulations.
c. Coasian regulations.
d. command-and-control-regulations.
d
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The above figure shows the marginal social benefit and marginal social cost curves of doughnuts in the nation of Kaffenia. What is the marginal social cost of producing the 200th dozen doughnuts each day?
A) $10.00 per dozen B) $8.00 per dozen C) $6.00 per dozen D) $4.00 per dozen
A production possibilities frontier with a ________ shape indicates increasing opportunity costs as more and more of one good is produced
A) linear B) bowed outward C) bowed inward D) perfectly horizontal
While much of New Classical macroeconomics is being refuted by the evidence, at least one part of it may be a permanent legacy to all macroeconomists: the assumption of
A) continuous clearing of all markets. B) rational expectations. C) the unimportance of nominal variables. D) supply shocks as the main cause of business cycles.
What is measured on the vertical axis of the aggregate demand/aggregate supply model?
A) real Gross Domestic Product (GDP) B) nominal income C) the price level D) the interest rate