Is there any difference between fining people who put contaminants into the atmosphere and charging fees for putting contaminants into the air?
A) Not if the fee and the fine are the same per quantity of contaminant.
B) Not if the fee per quantity of contaminant is the same as the fine multiplied by the probability of "getting caught."
C) Only in the language or rhetoric, but not in the incentives the laws create.
D) Yes, because a fee constitutes social authorization while a fine expresses social disapproval.
D
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According to ________, when real GDP is ________ percentage points greater than potential GDP, the unemployment rate is one percentage point ________ the natural unemployment rate
A) Okun's Law; four; below B) Keynes' Law; two; below C) Phillip's Law; four; above D) Say's Law; two; above E) Okun's Law; two; below
In the following situation the tax system is Taxable income $1,000 $3,000 $9,000 $27,000 Taxes $100 $200 $400 $800
a. progressive through all levels of income b. proportional throughout all levels of income c. regressive throughout all levels of income d. based on the benefits-received principle e. there is insufficient information to answer the question
If the supply curve shifts to the right, how does this affect the market for product A?
a) A higher equilibrium price and a higher equilibrium quantity. b) A lower equilibrium price and a lower equilibrium quantity. c) A higher equilibrium price and a lower equilibrium quantity. d) A lower equilibrium price and a higher equilibrium quantity.
The resources used to make all goods and services are the:
a) production possibilities b) factors of production c) production trade-offs d) opportunity costs