When the commons are converted into privately owned resources, _____
a. utilization is increased, and benefits to the society decline
b. utilization is increased, and the benefits to the society also increase
c. utilization is decreased, and the benefits to the society also decrease
d. utilization remains unchanged, and the benefits to the society increase
e. utilization is decreased, and the benefits to the society increase
e
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If a large number of firms are competing, the market could be
A) perfect competition or monopolistic competition. B) perfect competition or monopoly. C) monopolistic competition or oligopoly. D) monopolistic competition or monopoly. E) oligopoly or monopoly.
A government subsidy is typically used
A) to correct a negative externality. B) to provide a government-inhibited good. C) to reduce inflation. D) to correct a positive externality.
According to the adaptive expectations hypothesis,
a. inflation will cause the long-run unemployment rate to decline. b. the economic record during the current period strongly influences decision-maker expectations about the future. c. decision makers will consider the expected impact of policy changes when forming their expectations about the future rate of inflation. d. future inflation will adapt to conform with the expectations of decision makers.
Two firms, Acme and FirmCo, have access to five production processes, each of which has a different cost and gives off a different amount of pollution. The daily costs of the processes and the corresponding number of tons of smoke emitted are shown in the table below.Process(smoke/day) A(10 tons/day) B(8 tons/day) C(6 tons/day) D(4 ton/day) E(2 tons/day) Cost to Acme ($/day) $750$800$1,000$1,400$2,000 Cost to FirmCo ($/day) $500$750$1,200$2,200 $4,000Suppose the firms are both currently using process A. If the government imposes a tax of $110 per ton of smoke emitted, a total of ________ tons of smoke will be emitted each day, and the total cost to society of this policy will be ________ per day.
A. 16; $250 B. 14; $500 C. 20; $0 D. 18; $50