A market for power plant pollution rights will
A. Reduce the total amount of pollution by power plants beyond the required reduction level.
B. Lower pollution control costs.
C. Increase the total amount of pollution by power plants.
D. Result in all power plants meeting pollution standards at lower costs.
Answer: B
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Refer to Figure 4-15. For each unit sold, the price sellers receive after the tax (net of tax) is
A) $20. B) $22. C) $27. D) $32.
The broadest measure of the aggregate price level is the
a. GDP deflator. b. consumer price index. c. producer price index. d. gross domestic product.
Central planning is a key characteristic of which economic system?
A) free market B) price system C) command and control D) mixed economic system
Which of the following statements provides the most accurate description of the period between the Civil War and WWI?
a. Real per capita wages were relatively flat. b. The share of immigrants was increasingly Protestant. c. Businesses became increasingly regulated. d. The average hours of work for employees in the industrial sector increased slightly.