The marginal social benefit (MSB) of abatement represents
a. the additional gains to society from reducing pollution
b. the reduction in damages from abatement
c. society's demand for abatement or environmental quality
d. all of the above
d. all of the above
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
If your marginal rate of substitution between two goods diminishes continuously as you give up one good for the other, that means the
A) price per unit of one good declines when you buy it in larger and larger quantities. B) two goods are perfect substitutes. C) two goods are perfect complements. D) two goods are neither perfect substitutes nor perfect complements.
The higher the default risk on a bond, the higher the interest rate will be
Indicate whether the statement is true or false
Which of the following hinders economic freedom?
a. Lower taxes b. Regulations on emissions from automobiles c. International trade d. Secure private property rights e. A democratic government