A command-and-control policy is another term for a
a. pollution permit.
b. government regulation.
c. corrective tax.
d. Both a and b are correct.
b
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Assume that the market for barley is in equilibrium and the demand for barley is inelastic. Predict what happens to the revenue of barley farmers if a prolonged drought reduces the supply of barley. The drought will cause farm revenue to
A) fall because of the decrease in the quantity of barley sold. B) rise because there will be a shortage of barley. C) rise because the percentage increase in quantity sold is greater than the percentage increase in price. D) rise because the percentage decrease in quantity sold is less than the percentage increase in price.
Comparative advantage means
A) the ability to produce a good or service at a lower opportunity cost than any other producer. B) the ability to produce a good or service at a higher opportunity cost than any other producer. C) compared to others you are better at producing a product. D) the ability to produce more of a product with the same amount of resources than any other producer.
Which of the following represents the basic principle of public choice theory?
a. Politicians act consistently in the public's interest. b. Politicians follow their own self-interest and seek to maximize their reelection chances, rather than promote the best interests of society. c. Politicians act in the public interest once they are elected, but follow their own self-interest and seek to maximize their reelection chances during a political campaign. d. None of the above answers are correct.
Since the U.S. government can continue to issue new Treasury bonds, bills, and notes as old ones mature, we do not necessarily have to worry about suddenly have to pay back all of the national debt
a. True b. False Indicate whether the statement is true or false