The marginal benefit to society of reducing pollution declines with increases in pollution abatement because of the law of:
A. increasing costs.
B. diminishing returns.
C. diminishing marginal utility.
D. conservation of matter and energy.
Answer: C
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The marginal cost curve is
A) downward sloping to reflect the bowed out PPF. B) downward sloping as marginal benefits increase. C) upward sloping because marginal cost falls as more of a good or service is produced. D) upward sloping to reflect the increasing opportunity cost of producing one more unit. E) U-shaped to reflect the bowed out PPF.
When the U.S. Treasury purchases gold and then replenishes its deposit in the Fed the effect is that __________ and __________
A) reserves increase; gold certificates increase B) reserves decrease; gold certificates increase C) gold certificates increase; Treasury deposits increase D) gold owned by the Fed increases; Treasury deposits increase
When the government decides to increase income taxes, this is an example of contractionary fiscal policy
Indicate whether the statement is true or false
In the long run:
A. all factors of production are fixed. B. all factors of production are variable. C. some factors of production are variable, while at least one factor of production is fixed. D. None of these are correct.