Environmental regulation by the government
a. leads to ideal outcomes in most cases.
b. is often based on goals for pollution levels that were determined by market signals.
c. is most appropriate when the pollution of concern comes from many sources.
d. is most likely to be economically efficient when the regulation provides substantial benefits for special-interest groups.
C
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Suppose Ann can produce 8 units of a material good (M) or 4 units of a spiritual good (S) in a day, while Ben can produce only 3 Ms or 3 Ss in a day. Both Ben and Ann can potentially produce a larger combination of M and S if
A) Ann produces both M and S and Ben produces neither. B) Ann specializes in M and Ben specializes in S and neither of them trade. C) Ann specializes in S and Ben specializes in M and they exchange with one another. D) Ann specializes in M and Ben specializes in S and they exchange with one another.
Which of the following is not a criterion for an ideal voting system, according to economist Kenneth Arrow?
A. Unanimity B. No dictator C. Transitivity D. Fairness
Choosing from among the following, the worst recession was in
A. 1937-1938. B. 1980. C. 1990-1991. D. 2001.
Which of the following would show a good that is relatively elastic in supply?
a. ES รท1 b. ES = 1 c. ES ? 1 d. ES < 1