Of the three major economic questions, which of the following is the best example of a "What?" question?
A) Should we make faster microprocessors or pest-resistant corn?
B) Should higher-income or lower-income people buy SUVs?
C) What should doctors be paid?
D) Should automobiles be produced using workers or robots?
E) Should migrant workers or domestic workers be used to pick grapes?
A
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Assume that the Clean Air Act requires an increase in sulfur dioxide (SO2) abatement (A) from 50 to 60 percent and that the relevant MSC (in millions) is MSC = 12 + 0.8A, where A is measured in percent. Then, the incremental cost of this policy change is
a. $20 million b. $60 million c. $560 million d. none of the above
In general, the more complex the tax the:
A. more tax revenues it will generate. B. more efficient it will be. C. higher the administrative burden will be. D. more deadweight loss it will create.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.
What were some of the key features in terms of fiscal policy of the Stability and Growth Pact signed in 1997 by would-be members of the Euro?
What will be an ideal response?