Global environmental externalities are caused when pollution created in one country does which of the following?
a. Affects people in other countries who also caused the pollution
b. Does not affect people in other countries
c. Affects people in other countries who did not cause the pollution
d. Positively affects people in other countries
c. Affects people in other countries who did not cause the pollution
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The tax wedge in the figure above is equal to ________ per hour, which creates an after-tax real wage rate of ________ per hour and employment of ________ billion hours per year
A) $10; $35; 250 B) $10; $35; 200 C) $15; $20; 200 D) $5; $35; 200 E) $15; $30; 250
In the non-market-clearing model, "involuntary" unemployment results because
A) real wages are too high. B) real wages rise when aggregate demand increases. C) real wages fall when aggregate demand increases. D) wages and prices are sticky.
The key assumption required for us to use a linear variable cost function of the form VC = bq is that:
A) marginal cost must be constant and equal to b. B) marginal cost must be increasing at rate b. C) fixed costs must be zero. D) marginal cost is always greater than average variable cost.
In contrast to the typical Republican Party laissez-faire policies, President Richard Nixon in 1971 introduced
a. mandatory drug testing of cabinet officers. b. monetary targets for the Federal Reserve Board. c. wage and price controls. d. mandatory gold purchases by the U.S. Treasury.