Incremental costs
a. are the total costs of abatement and regulation linked to environmental policy
b. include only explicit costs
c. refer to the change in costs associated with an environmental policy initiative
d. include only implicit costs
c. refer to the change in costs associated with an environmental policy initiative
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When taxes alter individual behavior as people attempt to avoid the tax, efficiency
a. losses are probable. b. gains are possible. c. gains are impossible. d. losses are impossible.
According to the traditional (crowding-out) view, which of the following is most likely to result if a substantial portion of government expenditures is financed by borrowing rather than taxation?
a. no change in interest rates and an increase in saving b. higher interest rates and an outflow of foreign capital c. higher interest rates and a reduction in private domestic investment d. lower interest rates and an inflow of foreign investment
The ratio of actual reserves to total deposits at the Fed and vault cash is called
A. a certificate of deposit. B. the gold reserve. C. fractional reserve banking. D. the fractional reserve ratio.
The profit-maximization assumption of economic theory does not fit reality because:
A. all real firms want to maximize long-term profits rather than short-run profits. B. all real firms want to maximize their share of the market. C. real-world firms have many goals, which depend on the incentive structure incorporated into the firm's organization. D. real-world firms have a single goal, but this goal has nothing to do with profits.