Briefly and concisely define the following terms
a. voluntarism
b. direct controls
c. depletable resource
a. Voluntarism refers to a number of nonmandatory programs of investment in pollution-control equipment by firms motivated by social responsibility and of voluntary recycling of solid wastes by consumers.
b. Direct controls either (1) impose legal ceilings on the amount any polluter is permitted to emit, or (2) specify how particular activities must be carried on to reduce pollution.
c. A depletable resource is one available, or perceived to be available, in a finite amount, whose continued use will drive up its price by increasing amounts.
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The time-inconsistency problem with monetary policy tells us that, if policymakers use discretionary policy, there is a higher probability that the ________ will be higher, compared to policy makers following a behavior rule
A) inflation rate B) unemployment rate C) interest rate D) foreign exchange rate
An inflationary gap occurs when
A) aggregate demand falls, but other things remain constant. B) short-run aggregate supply falls, but other things remain constant. C) the short-run equilibrium level of real GDP is greater than long-run aggregate supply. D) the short-run equilibrium level of real GDP is less than long-run aggregate supply.
Policymakers use _____ policy and _____ policy to stabilize _____ and _____ in the short run
Fill in the blank(s) with correct word
A plastics manufacturer can make either toys or containers. If the demand for toys increases, then the:
a. Supply of containers will decrease b. Supply of containers will increase c. Demand for containers will decrease d. Demand for containers will increase