In this graph for the marginal costs and benefits of pollution controls, at output level Q1, pollution control is ______.
a. unnecessary
b. optimized
c. insufficient
d. excessive
c. insufficient
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A consumer price index of 160 in 1996 with a base year of 1982-1984 would mean that the cost of the market basket
A) equaled $160 in 1983. B) rose 160% from the cost of the market basket in the base year. C) rose 60% from the cost of the market basket in the base year. D) equaled $160 in 1996.
The equilibrium price of labor is called:
A. the wage. B. income, plus benefits. C. opportunity cost. D. the leisure trade-off.
A U.S. firm that outsources jobs would be
A. Buying raw materials from a Chinese firm instead of a U.S. firm. B. Buying computers assembled in Mexico that used U.S. parts. C. Building a factory in Canada and hiring Canadian workers. D. All of the choices are correct.
Suppose an economy is initially in long-run equilibrium, and it then experiences a supply shock in the form of exceptionally high energy prices. Which of these will be true in this economy?
What will be an ideal response?