A tradeoff exists between a clean environment and a higher level of income in that
a. studies show that individuals with higher levels of income pollute less than low-income individuals.
b. efforts to reduce pollution typically are not completely successful.
c. laws that reduce pollution raise costs of production and reduce incomes.
d. employing individuals to clean up pollution causes increases in employment and income.
c
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The towns of Jekyll and Hyde each have a labor force of 2,000 people. In Jekyll, 500 people were unemployed for the entire year, while the rest of the labor force was employed continuously. In Hyde, every member of the labor force was unemployed for three months and was employed for nine months. The average duration of unemployment spells over the year was ________ months in Jekyll and ________ months in Hyde.
A. 3; 9 B. 12; 3 C. 3; 3 D. 12; 9
Assume the economy is at point D. What would happen to AE2 and the point of equilibrium if P increased to 110 while the autonomous parts of consumption, investment, government purchases, and net exports remained constant?
a. AE2 would shift up, and the point of equilibrium would move right. b. AE2 would shift down, and the point of equilibrium would move left. c. AE2 would not move, but the point of equilibrium would move left. d. AE2 would not move, but the point of equilibrium would move right.
Suppose total benefits and total costs are given by B(Y) = 220Y ? 15Y2 and C(Y) = 10Y. What level of Y will yield the maximum net benefits?
A. 5 B. 10/9 C. 7 D. 150/20
Suppose in the city of Blacksburg, music stores operate in a monopolistically competitive market. If the price of Blu-ray discs in Blacksburg is currently equal to $20 each and the average cost of Blu-ray discs is $15, in the long run we expect the price of Blu-ray discs to:
A. increase. B. stay the same. C. decrease, and the average cost of selling Blu-ray discs to increase. D. decrease, and the average cost of selling Blu-ray discs to decrease.