A government policy that allows retirement savings to accumulate tax-free is an example of a policy to promote economic growth by:
A. increasing physical capital.
B. increasing human capital.
C. increasing the availability of natural resources.
D. improving technology.
Answer: A
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Answer the following statement(s) true (T) or false (F)
1. The sum of all polluters’ MACs equals the marginal social cost (MSC) of abatement. 2. Much of the air pollution in Catano, Puerto Rico was linked to a nearby oil refinery. 3. By definition, the marginal abatement cost (MAC) curve shows the change in costs associated with higher levels of abatement, using the most widely available technology. 4. The marginal cost of enforcement (MCE) must be added vertically to the MACmkt to derive the marginal social cost (MSC) of abatement function. 5. If a standard is set to balance the well-being of society with the associated costs, it is called a benefit-based standard.
Which of the following is NOT an important factor affecting economic growth?
A) the rate of growth of capital B) the rate of saving C) the rate of growth in labor productivity D) the growth of leisure
The theory of consumer choice is based on the hypothesis that each consumer wants to
a. maximize her total utility. b. maximize her marginal utility. c. minimize the rate at which her marginal utility diminishes. d. minimize the percentage of her consumption diverted to inferior goods.
Two firms compete as a Stackelberg duopoly. The demand they face is P = 24 ? Q. The cost function for each firm is C(Q) = 4Q. The profits of the two firms are:
A. ?L = $100; ?F = $50. B. ?L = $20; ?F = $10. C. ?L = $50; ?F = $25. D. ?L = $25; ?F = $12.5.