Of the $840 billion American Recovery and Reinvestment Act stimulus package which was enacted in 2009, the largest spending increase occurred in which category?
A) health care, social services, and education B) transportation and housing
C) energy and the environment D) military, veterans, and homeland security
A
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If society is experiencing a net social cost from the production of a good, this implies that
A. the socially optimal level of output is being produced and society is willing to accept the costs that result. B. producers would rather produce the output at which marginal social cost equals the demand for the good. C. negative externalities are involved in the production of this good. D. none of the above
If a transaction in the balance of payments of Country A enters the foreign exchange market, then it is fair to say that:
a. Sources of funds in Country A's balance of payments are supplies of Country A's currency. b. Sources of funds in Country A's balance of payments are demands for Country A's currency. c. Uses of funds in Country A's balance of payments are demands for Country A's currency. d. Transactions in Country A's balance of payments have no counterpart in the foreign exchange market.
The optimal amount of air pollution is
A) found by equating the marginal benefits from reducing pollution by one more unit with the marginal costs of reducing pollution by an additional unit. B) found by equating the total benefits from reducing pollution by one more unit with the total costs of reducing pollution by an additional unit. C) found by setting the marginal benefits from reducing pollution by one more unit equal to zero. D) a meaningless concept since we cannot monetize the environment.
The long-run supply curve in a constant-cost, perfectly competitive industry is
A. perfectly inelastic. B. upward sloping. C. perfectly elastic. D. downward sloping.