Refer to the information provided in Table 22.3 below to answer the question(s) that follow. Table 22.3
Refer to Table 22.3. The unemployment rate is
A. 2.8%.
B. 5%.
C. 5.3%.
D. 7.2%.
Answer: B
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Short-run aggregate supply: a. is a fixed volume of output
b. reflects how much RGDP suppliers are willing and able to produce at different price levels. c. shifts only when the LRAS shifts. d. is not affected at all by the price level.
During rush hours, long lines of traffic clog the only bridge to town. This bridge is an example of
a. market inefficiency b. obligatory controls c. a decreasing externality cost d. a pure public good e. a near public good
A positional externality:
A. results in under investment in performance enhancement. B. arises in situations in which rewards depend on relative performance. C. only occurs in sports. D. arises in situations in which rewards depend on absolute performance.
What is the rationale behind a tradable emission allowance scheme?
A) to create a market for externalities: the scheme brings together buyers and sellers of marketable permits B) to discipline polluting firms by specifying the maximum amount of emissions allowed and giving them permits to pollute up to their allowance C) to raise revenue for the government through the sale of emission permits and at the same time set an emissions target D) to provide firms with the incentive to consider less costly alternatives to pollution reduction by making firms pay for the right to pollute beyond their specified allowance