Which of the following is the most efficient way to reduce pollution emissions?
a. emission standards that cap allowable pollution
b. government pollution charges or taxes
c. legislated regulations limiting the quantity of emissions allowed by each firm
d. enforcement of property rights, when those rights are well-defined and transaction costs are low
D
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Refer to the figure above. If the engineer spends his entire time producing computer programs, how many computer programs can he produce?
A) 12 B) 30 C) 45 D) 50
Holding other things constant, diminishing marginal productivity happens to:
A. any input, the more the input is hired. B. labor, the more labor is hired, but not to land or capital. C. capital inputs, the more is hired, but not to labor or land. D. all inputs with the exception of land, the more those inputs are hired.
The first step in economic analysis is to
a. explore how the equilibrium changes if the constraints change. b. make explicit assumptions about the desirability and the cost of various alternatives. c. apply the equimarginal principle to the problem being considered. d. determine how agents' constraints are interrelated.
What does the natural-rate hypothesis claim?