Which of the following statements is true?
a. Competitive markets result in the socially efficient price and quantity when externalities exist.
b. Command-and-control regulations set an environmental goal and dictate how the goal will be achieved.
c. Economists prefer command-and-control regulations to incentive-based pollution programs.
d. An effluent tax is a tax imposed on rich people.
b
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The level of output determined by the intersection of the short-run aggregate supply curve and the aggregate demand curve
A) may be above, below, or equal to full-employment output. B) is always above full-employment output. C) is always below full-employment output. D) always corresponds to full-employment output.
Another expression for disposable income would be
a. income left over after subtracting deductions such as 401Ks and health insurance b. income left over after subtracting taxes c. income left over after subtracting fixed payments like rent or car payments d. income left over after subtracting all required spending items such as food, utilities, etc. e. income left over after subtracting transfer payments
In the above figure, what would result if the price was $10?
A. a shortage B. excess supply C. equilibrium D. a surplus
Refer to the information provided in Table 25.7 below to answer the question(s) that follow.Table 25.7
Refer to Table 25.7. The net worth of Great Gazoo Bank is
A. $100,000. B. $300,000. C. $500,000. D. $900,000.