The Federal Reserve's long standing tools includes
A. changing the reserve ratio.
B. labor regulations.
C. government spending policies.
D. tax rate changes.
Answer: A
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Your willingness to pay additional money for time-saving goods depends primarily on
a. the opportunity cost of your time b. your wealth and property c. your social status d. the number of people in your household e. the distance between your home and your workplace
The average total cost curve and the average variable cost curve
a. are closer together as output increases, with average variable cost reaching its minimum level first b. are closer together as output increases, with average total cost reaching its minimum level first c. are farther apart as output increases, with average variable cost reaching its minimum level first d. are farther apart as output increases, with average total cost reaching its minimum level first e. are parallel to each other, and reach their minimum levels at the same rate of output
A negative externality exists and government wants to impose a tax in order to bring about an efficient outcome. To accomplish its objective, government must set the tax equal to marginal
A) private cost. B) social benefit. C) external cost. D) social cost. E) external benefit.
Which of the following is NOT an example of a way in which microeconomic analysis can help in designing environmental policy?
A) Determining the optimal level of vehicle fuel efficiency standards B) Designing laws to provide incentives for firms to implement clean technologies in new vehicles C) Lobbying consumers and firms to reduce consumption of energy D) Examining the tradeoffs between ecological benefits of environmental legislation and its impacts on consumers' standard of living