To economists, good environmental policy begins by acknowledging one of the Ten Principles of Economics:
a. Trade can make everyone better off.
b. People face trade-offs.
c. Markets are usually a good way to organize economic activity.
d. A country's standard of living depends on its ability to produce goods and services.
b
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In the United States, the highest quintile of income earners face an average federal tax rate of ________, and the lowest quintile of income earners face an average federal tax rate of ________
A) 20%; 20% B) 68.8%; 0.4% C) 24%; 1.5% D) 29.4%; 11.5%
The U.S. federal government obtains most of its revenues through taxes from three sources. Which of the following is not one of those three main sources of federal revenue?
A) corporate income taxes B) social insurance taxes C) sales and excise taxes D) individual income taxes
Which of the following is NOT a stage of development that modern rich nations have gone through?
A) service stage B) agricultural stage C) manufacturing stage D) inflation stage
An economist estimates that the price elasticity of demand for disposable diapers is 0.67. This suggests that disposable diaper producers could:
A. advertise more to raise the price elasticity of demand. B. encourage more parents to use cloth diapers. C. lower the price of disposable diapers to raise more revenue. D. raise the price of disposable diapers to raise more revenue.