According to the above table, the marginal factor cost of the eighth worker is
A. $168.00.
B. $27.00.
C. $48.00.
D. $216.00.
Answer: C
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Answer the following statement(s) true (T) or false (F)
1. The sum of all polluters’ MACs equals the marginal social cost (MSC) of abatement. 2. Much of the air pollution in Catano, Puerto Rico was linked to a nearby oil refinery. 3. By definition, the marginal abatement cost (MAC) curve shows the change in costs associated with higher levels of abatement, using the most widely available technology. 4. The marginal cost of enforcement (MCE) must be added vertically to the MACmkt to derive the marginal social cost (MSC) of abatement function. 5. If a standard is set to balance the well-being of society with the associated costs, it is called a benefit-based standard.
Attempts to influence the law for your own private economic advantage is called
A) tax imposition. B) subsidizing. C) rent seeking. D) creating a deadweight loss.
Direct controls have a clear advantage where
a. an emission is so dangerous that it is prohibited altogether. b. a sudden change in circumstances calls for prompt and substantial change in conduct. c. effective and dependable metering devices have not been invented or are prohibitively costly to install and operate. d. All of the above create an advantage.
In the extreme case of a complete crowding-out effect
A. an increase in government spending will stimulate investment spending. B. an increase in tax rates will stimulate work effort. C. an increase in government spending will not increase aggregate demand. D. an increase in interest rates will stimulate investment spending.