In general, a firm's efficiency decision will result in
A. An unpolluted environment.
B. A pollution-causing production process if that process minimizes costs.
C. Lower prices for products associated with a pollution-causing production process.
D. A plant that maximizes profits.
Answer: B
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A country's budget constraint states that
A) the value of exports must be equal to the value of imports. B) real income in the exporting country must be equal to real income in the importing country. C) unless a country engages in trade, the value of exports cannot exceed the value of goods produced. D) a country will engage in trade only if the value of imports exceed the value of exports. E) a country will engage in trade only if the value of exports exceeds the value of imports.
If an inflation forecast is based on last year's inflation rate, it is said to be
A) historical. B) rational. C) logical. D) adaptive.
On the modern Phillips curve, the initial impact of government policies to stimulate the economy is shown by ________
A) an upward movement along the Phillips curve to a higher inflation rate B) an upward shift of the Phillips curve leading to higher inflation rates for any unemployment rate C) a downward shift of the Phillips curve leading to lower inflation rates for any unemployment rate D) a downward movement along the Phillips curve to higher unemployment rates E) none of the above
Critics of the Obama stimulus plan were
A. hard to find at the time. B. from both conservatives and liberals. C. entirely from conservatives. D. entirely from liberals.