Voluntary programs for reducing pollution
A. have been more successful in the United States in encouraging recycling than any other type of program.
B. are most appropriate when surveillance and enforcement are impractical.
C. work most reliably when voluntary reduction of pollution over a long period is encouraged.
D. are enforced by legal authority.
Answer: B
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If an external benefit is present in the consumption of a good or service, then
A) there can be no external cost. B) the marginal social benefit is greater than the marginal private benefit. C) the marginal social benefit is equal to the marginal private benefit. D) the marginal private benefit is equal to the marginal social benefit plus the marginal external benefit. E) the marginal external benefit is equal to the marginal private benefit minus the marginal social benefit.
Consider the monopsony in the above figure. The monopsony will pay a hourly wage rate equal to
A) $10. B) $15. C) $20. D) None of the above answers is correct.
The two most important actors of the economy are:
A. land and capital. B. households and firms. C. firms and capital. D. exports and imports.
The Smith family buys much more macaroni when someone in the family is laid off. This means that the Smiths' ____ is negative
a. demand curve for macaroni b. income elasticity for macaroni c. Engel's law d. income e. price elasticity of demand for macaroni