In contrast to the need for legal enforcement under a system of direct controls, a taxes approach
A. is subject to greater uncertainty of payment of fees.
B. makes taxes automatic and certain.
C. speeds the prosecution and conviction process.
D. does not actually reduce pollution, merely the cost of monitoring it.
Answer: B
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The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP(1996 $ billions) (A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0Which of the turning points are peaks?
A. (A), (B), and (C) B. (A), (C), and (E) C. (B) and (D) D. (C), (D), and (E)
Suppose the inflation rate target is "0" and the long run federal funds target is also "0." If the inflation rate is 4% and the output gap is -2%, the federal funds rate set by the Taylor rule is ________
A) 8% B) 2% C) 5% D) 6%
The duration of the "short-run"
A) is one year. B) is the same for all goods. C) depends on the relative short-run elasticity of demand and supply for the good. D) depends on how long it takes consumers or firms to adjust for a particular good.
The wage rate for widget makers is currently $25 per hour and Ajax hires 20 widget makers. If the wage rate were decreased to $20, what would happen to the marginal revenue product for labor at Ajax?
A) It would remain the same. B) It would increase since Ajax's demand for labor curve will shift. C) It would increase since the price of widgets would decrease. D) It would decrease since Ajax will hire more workers.