The marginal benefit from pollution abatement
A. decreases as pollution abatement increases because of the law of diminishing marginal utility.
B. is constant as pollution abatement increases because pollution abatement is valued for its own sake and not for the utility it provides.
C. decreases as pollution abatement increases because of the law of diminishing marginal product.
D. increases as pollution abatement increases because people learn to want an even cleaner environment as the environment gets cleaner.
Answer: A
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The book that is the basis for modern macroeconomic theory is
a. The Wealth of Nations. b. Principles of Political Economy. c. The General History of Money and Banking. d. The General Theory of Employment, Interest, and Money.
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
According to the graph shown, if this economy were open to free trade, and decided to impose a tariff, the domestic quantity supplied would increase from:
A. 815 to 1150. B. 250 to 500. C. 815 to 1500. D. 250 to 815.
Say's law
A. was a basic pillar of Keynesian economics.
B. was a basic pillar of classical economics.
C. proves that we can never have full employment.
D. was formulated during the Great Depression.
In the arena of decision making, the choice that will automatically take place if the chooser fails to make an active decision is called the:
A. choice option. B. default option. C. processing option. D. auto option.