Which of the following is NOT a possible solution to the problem of pollution?
A. imposing a pollution tax on producers
B. converting a resource that is communally owned into a privately owned resource
C. regulating the quantity of pollution that can be generated
D. subsidizing the costs of production of activities that generate pollution
Answer: D
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If a small percentage decrease in the price of chocolate causes a larger percentage decrease in the quantity supplied, the
A) demand for chocolate is elastic. B) demand for chocolate is inelastic. C) supply of chocolate is elastic. D) supply of chocolate is inelastic.
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for laptop computers. Which panel best describes what happens in this market when the price of computer hard drives falls?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
Suppose that the government taxes income in the following fashion: 20 percent of the first $50,000 . 40 percent of the next $50,000 . and 60 percent of all income over $100,000 . Marshall earns $200,000 . and Lily earns $600,000 . Which of the following statements is correct?
a. Marshall's marginal tax rate is higher than Lily's marginal tax rate. b. Marshall's average tax rate is higher than his marginal tax rate. c. Lily's average tax rate is higher than her marginal tax rate. d. Lily's average tax rate is higher than Marshall's average tax rate.
Planned investment spending is _____ related to the interest rate and _____.
A. Negatively; expected GDP B. Negatively; existing productive capacity. C. Positively; expected GDP D. Positively; existing productive capacity