If two countries are economically identical except that there is significant air and water pollution in one, then the level of GDP:
A. will be the same in both countries.
B. will be higher in the country with no pollution.
C. will be greater than the level of economic well-being in each country.
D. will be higher in the country with pollution.
Answer: A
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Regulation focused on the impact of production on the environment and society, the working conditions under which production occurs, or the physical attributes of goods, is known as
A) cost-of-service regulation. B) rate-of-return regulation. C) social regulation. D) monopoly regulation.
An increase in supply will cause a(n)
a. increase in demand b. decrease in demand c. increase in quantity demanded d. decrease in equilibrium quantity demanded e. increase in equilibrium price
The current U.S. income tax system requires taxpayers to pay a higher marginal tax rate on higher levels of taxable income. Suppose that the tax rate is 10 percent on the first $15,000 of taxable income, 15 percent on the next $45,000 of taxable income, 30 percent on the next $60,000 of taxable income, and 35 percent on taxable income above $120,000. Suppose the tax code also includes provisions that allow taxpayers to reduce the income on which they are taxed, and that those provisions most often apply to the richest taxpayers. These provisions tend to make the tax code:
A. more efficient. B. more progressive. C. less progressive. D. less regressive.
Explain why choice is a basic economic problem faced by every society.
What will be an ideal response?