The benefit estimation method employed by Carson and Mitchell in their analysis of the Clean Water Act was
a. the travel cost method (TCM)
b. the contingent valuation method (CVM)
c. the averting expenditure method (AEM)
d. the hedonic price method (HPM)
b. the contingent valuation method (CVM)
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A problem with pollution charges or taxes as a solution to pollution is that
A) people don't want the government to regulate industry. B) the necessary information about the polluting industry is costly and usually unavailable. C) taxes are already too high. D) pollution would still continue. E) the producers do not want the property right to their pollution.
The silly clothes worn by a circus clown are an example of
a. market inefficiency b. capital goods c. labor, if it is used by labor exclusively d. human capital e. entrepreneurship, if the clown becomes more creative wearing the clothes
The fact that every dollar that the government spends or transfers must ultimately be provided by the taxes and user charges it collects plus government borrowing is known as the
A. government budget constraint. B. tax collection constraint C. government balance sheet constraint. D. user charge constraint.
Describe the mainstream view of self-correction in the economy.
What will be an ideal response?