The use of tax penalties to control pollution represents a
A. price-based market approach to the pollution problem.
B. nonmarket approach to the pollution problem.
C. major source of current federal revenues.
D. pollution-rights solution to the pollution problem.
Answer: A
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Which of the following statements is true regarding scarcity?
A) An economy experiences scarcity only when the incomes of its citizens decline. B) All citizens in a wealthy economy experience scarcity. C) Scarcity affects poorer countries only. D) Poor people experience scarcity more often than do rich people. E) Scarcity could be overcome if people would make all choices in the social interest.
A rise in the price of good A shifts the ________ good B rightward if the cross elasticity of demand between A and B is ________
A) demand curve for; negative B) demand curve for; positive C) supply curve of; negative D) supply curve of; positive
An expansionary monetary policy is likely to increase real output more than just temporarily:
a. when actual output currently is beyond the economy's long-run capacity. b. when the economy currently is at full employment c. when the economy currently operates at less than capacity. d. at virtually any output level.
When property rights are not well established,
a. private goods become public goods. b. markets fail to allocate resources efficiently. c. the distribution of private goods is unfair. d. government resources are used inefficiently.