Controlling pollution by setting the same maximum allowable amount of pollution for each polluter, and making specific rules about the way it must be reduced, is called
A. tax-and-fine regulation.
B. command-and-control regulation.
C. the common-law approach.
D. cap-and-trade regulation.
Answer: B
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A sales tax is an example of:
A. a specific tax. B. an ad valorem tax. C. a lump sum tax. D. an income tax.
An efficiency wage is defined as
A. any wage scheme that is accepted by the union. B. a wage above the competitive wage that elicits greater effort on the part of workers. C. any wage scheme that pays all workers the same wage. D. a wage below the competitive wage that elicits greater effort on the part of the workers. E. any wage scheme that pays different workers different wages.
The United States is an example of a ______________ economy.
Fill in the blank(s) with the appropriate word(s).
When the Fed sells government securities, the banks':
A. reserves will decrease and lending will contract, causing a decrease in the money supply. B. reserves/deposit ratio will increase and lending will expand, causing an increase in the money supply. C. reserves will increase and lending will expand, causing an increase in the money supply. D. reserve requirements will increase and lending will contract, causing a decrease in the money supply.