Mexico City is notorious for its excessive pollution. Mexico's measure of GDP is
A) increased by the estimated value of the pollution's harm.
B) not affected by the estimated value of the pollution's harm.
C) changed by the pollution only when comparing its GDP with the U.S. GDP.
D) decreased by the estimated value of the pollution's harm.
E) None of the above answers is correct.
B
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Government actions to compel more competition in an industry
A) always entail costs, which must be compared to any gains created by the policy. B) always have the effect of lowering prices to consumers. C) cannot benefit anyone if they result in greater inefficiency. D) will result in lower prices but cannot bring about a larger output. E) will not succeed because competition, like morality, cannot be legislated.
Socialism is an economic system characterized by:
a. private ownership of resources and market decision-making. b. government ownership of resources and centralized decision-making. c. cooperation, sharing, and little central government. d. a complex structure of rules and traditions that dictates decision-making.
Protection of an infant industry should be withdrawn once that industry:
a. charges the same price as foreign competitors. b. goes public on the stock exchange. c. raises a large amount of sales revenue. d. achieves sufficient size to compete with foreign firms. e. earns enough profit as a result of the subsidies to remain in business.
The drop-in-the-bucket problem is intrinsic to public goods.
Answer the following statement true (T) or false (F)