The key explanation for the prevalence of waterway pollution is
a. the inclusion in production of all costs involving use of the waterway.
b. that there are private costs but no costs to society.
c. that waterways are often an open access, commonly owned resource.
d. that waterways are subject to the market's normal control procedures.
C
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The optimal treatment of a tax on a stock of wealth depends ____
a. on how the flow of income from that wealth is taxed b. on how the stock itself is taxed c. on whether or not there is an estate tax d. on the size of a stock
The consumer price index was 177.1 in 2001 and 179.9 in 2002. Therefore, the rate of inflation in 2002 was about:
A. 2.8 percent. B. 3.4 percent. C. 1.6 percent. D. 4.1 percent.
Refer to the table above. Suppose that the only variable input that the firm uses is labor. What is the wage paid to a worker in the firm?
A) $1 B) $5 C) $10 D) $15
On a production possibilities curve, the optimal or best combination of output for any society:
A. depends upon the preferences of society. B. is at a point near the bottom of the curve. C. is at the precise midpoint of the curve. D. is at a point near the top of the curve.