Pollution and other negative externalities arise because
a. there are no enforceable property rights to open-access resources
b. legislators cannot agree on what to do about them
c. they are the price consumers are willing to pay for production of goods and services
d. private property rights to pollute are controlled by businesses
e. science cannot decide how to control them
A
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A government can impose an import quota or an equivalent tariff that achieves the same impact on trade. What is the key difference in the welfare outcomes of these two policy options?
A) The domestic quantity supplied is larger under the tariff policy. B) The domestic price is higher under the tariff policy. C) The domestic price is lower under the tariff policy. D) The government captures some of the profits from foreign suppliers through the tariff revenue.
For a normal distribution, the skewness and kurtosis measures are as follows:
A) 1.96 and 4 B) 0 and 0 C) 0 and 3 D) 1 and 2
The primary currency circulating in the United States consists of:
a. bank checks that are certified. b. Federal Reserve Notes. c. credit cards. d. gold certificates.
Suppose the economy is initially experiencing a recessionary gap. An increase in the size of the budget deficit will
A. increase the size of the recessionary gap. B. lead to an increase in prices with no increase in real GDP. C. lead to a decrease in prices with an increase in real GDP. D. reduce the size of the recessionary gap.