Suppose that a tire factory produces $825,000 of output and causes $70,000 worth of pollution as a result of production. The tire factory's official contribution to GDP would be ________ and its overall contribution to society would be ________
A) $825,000; $755,000 B) $825,000; $895,000 C) $895,000; $825,000 D) $755,000; $825,000
A
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Disposable personal income equals personal income
A) minus personal tax payments plus government transfer payments. B) plus government transfer payments. C) minus personal tax payments. D) minus government transfer payments plus personal tax payments.
What is "moral hazard"?
What will be an ideal response?
Franklin Roosevelt implemented the New Deal in the 1930s, and Congress passed the Full Employment Act of 1946 . Both were examples of the government adopting the ideas of
a. classical economics b. rational expectations economics c. supply-side economics d. neo-Keynesian economics e. Keynesian economics
Abstraction ignores many details in order to focus on the most important elements of a problem
a. True b. False Indicate whether the statement is true or false