Government action will often result in the counterproductive use of resources because
What will be an ideal response?
there is often a conflict between winning political elections and adoption of only productive programs.
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The consumption function is the relationship between consumption and
A. disposable income. B. total spending. C. investment. D. planned aggregate expenditure.
Oligopoly is a situation when there
A) is one firm in the industry that is fairly large. B) are a few large firms in the industry. C) are too many firms in the industry and there is excess capacity. D) is one giant firm and many smaller firms forming a competitive fringe.
The optimal quantity of air pollution is
A) whatever amount of pollution is produced by the profit maximizing firm. B) found by equating the marginal benefits from further reductions in pollution and the marginal costs of further reductions in pollution. C) found by setting the quantity of air pollution equal to the quantity of water pollution. D) a meaningless concept since monetary values cannot be attached to problems associated with pollution.
What is the difference between imports and exports?
What will be an ideal response?