The Environmental Protection Agency (EPA) cannot reach a target level of pollution through the use of pollution permits
a. True
b. False
Indicate whether the statement is true or false
False
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Figure 7-1
. In Figure 7-1, which graph best represents total physical product with diminishing returns?
A. 1 B. 2 C. 3 D. 4
Refer to the following graphs for a two-sector economy consisting of consumption and investment expenditures. Saving exceeds investment at a real income of _____ and therefore the real income level will _____ toward an equilibrium real income of _____.
a. Y4; fall; Y3
b. Y2; rise; Y3
c. Y1; rise; Y3
d. Y3; rise; Y4
In the basic Keynesian model, a decrease in transfer payments:
A. increases potential output. B. reduces potential output. C. reduces short-run equilibrium output. D. increases short-run equilibrium output.
What stage of the business cycle would be most appropriate to describe the years from 1929 to 1933?
(A) A contraction (B) A peak (C) An expansion (D) A trough