"Cap-and-trade" programs:
A. create a market for pollution rights.
B. use private bargaining to establish the optimal quantity of emissions.
C. charge polluters an emission fee.
D. are an example of a direct control.
Answer: A
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Where there are spillover (or external) benefits from having a particular product in a society, the government can make the quantity of the product approach the socially optimal level by doing the following except
A. subsidizing the buyers of the product. B. subsidizing the sellers of the product. C. taxing the sellers of the product. D. providing the product itself.
Explain why the budget deficit and the trade deficit are sometimes referred to as the "twin deficits."
What will be an ideal response?
If workers realize that an increase in nominal wage rates does not necessarily constitute a rise in real wages, then we would expect:
a. an increase in employment. b. a decrease in employment. c. a downward movement along the Philips curve. d. a rightward shift of the Phillips curve. e. a leftward shift of the Phillips curve.
The demand curve for the product of a perfectly competitive firm is
A. perfectly inelastic. B. upward sloping. C. perfectly elastic. D. downward sloping.