What two things must governments be able to do to regulate pollution and create a market for pollution?
a. easily identify polluters and monitor their behavior
b. easily identify polluters and what pollution they are putting into the air and water
c. easily identify polluters and know their cost structure to charge them accordingly
d. none of the above
a
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Uncertainty is the result of ________ information that is often associated with ________ events.
A) incomplete; known B) incomplete; random C) complete; random D) complete; known
If we consider the reality that each worker has different skills, then the production possibilities frontier would:
A. have a convex shape. B. have a concave shape. C. be a straight line. D. shift outward.
Total surplus is
a. equal to consumer surplus minus producer surplus. b. equal to the total value to buyers minus the total cost to sellers. c. equal to consumers' willingness to pay plus producers' cost. d. greater than the sum of consumer surplus plus producer surplus.
The ancient Greek philosopher, Plato, concluded that in an ideal society the income of the richest person
a. would be equal to the income of the poorest person. b. would be no more than four times the income of the poorest person. c. would be reflective of the effort put forth by that person. d. would be taxed at a higher rate than the income of the poorest person.