Tradable pollution permits, when compared to command-and-control options, tend to
A. Provide the same amount of pollution abatement at a lower cost.
B. Be inefficient.
C. Provide the same amount of pollution abatement at a higher cost.
D. Provide the same amount of pollution abatement at the same cost.
Answer: A
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Answer the following statement(s) true (T) or false (F)
1. A negligence standard, with the allowance of contributory negligence, always leads to a socially optimal outcome. 2. Strict liability is the liability that exists when it can be proven beyond a reasonable doubt that the defendant was negligent. 3. Negligence is irrelevant when a strict liability standard is applied. 4. The principle of general average gives a ship's captain an incentive to consider the value of cargo when jettisoning it to prevent a disaster. 5. The doctrine of Respondent Superior contends that an employer is sheltered from torts committed against his employees.
The monetarists believe
A. balancing the budget is the most important role of the government. B. if the money supply were increased people would spend this money on assets of one kind or another. C. expansionary monetary policy will permanently reduce the unemployment rate. D. the money supply must remain constant from year to year.
Identify the statement that best defines Nash equilibrium.
A. It is a sequence of actions, where the actions are taken at each node of the game. B. It is a set of strategies that gives a player the first-mover advantage. C. It is a sequence of actions that are taken to influence the actions of rivals. D. It is a set of strategies in which a firm does the best it can, given the action of its rival.
The Congressional Budget Office estimates that most of the increase in federal spending on Medicare and Medicaid will be due to
A) the aging population. B) increases in the cost of providing health care. C) increases in immigration. D) declining income levels.