State two examples of government-created monopolies
patents
copyright laws
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The argument that rising energy prices caused the decline in U.S. productivity in the 1970s is made less believable due to the
A. falling level of saving in the 1970s. B. falling level of energy prices in the 1980s. C. rising level of energy prices in the 1980s. D. rising level of energy prices in the 1990s.
According to the Environmental Protection Agency, the total costs created by the Clean Air Act between 1970 and 1990 were about $500 billion. Their midrange estimate of the value of benefits from the Clean Air Act for the same time period was about:
a. half that amount. b. two-thirds of that amount. c. more than 40 times higher. d. almost 10 times higher.
The former communist countries of eastern Europe and the Soviet Union
A. have a better track record in environment protection than market economies. B. have a dismal environmental record. C. epitomize the ability of planned economies to protect the environment. D. have no water pollution problems.
Government expenditures for Social Security and unemployment insurance are, for GDP accounting purposes, considered:
A. transfers, and are included in government spending as part of GDP. B. transfers, and are not included in government spending as part of GDP. C. purchases, and are not included in government spending as part of GDP. D. purchases, and are included in government spending as part of GDP.