If the rivers, lakes and air in the United States could all be privately owned, then:
a. there would be less pollution
b. costs of production for many firms would rise.
c. externalities would be internalized.
d. all of the above are correct.
d
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The figure above shows the market for bank reserves in Futureland. If the Bank of Futureland undertakes an open market purchase of government securities that changes the quantity of reserves by $25 billion, then the federal funds rate will
A) fall to 4 percent a year. B) remain at 6 percent a year. C) rise to 8 percent a year. D) change, but more information is needed to determine by how much. E) None of the above answers is correct.
A person quits her job in order to spend time looking for a better-paying job. This type of unemployment is an example of
A) frictional unemployment. B) cyclical unemployment. C) seasonal unemployment. D) structural unemployment.
Refer to the game between James and Theodore depicted in Figure 12.1. Which of the following is true?
A. If James chooses Up, Theodore's best response is to choose Left.
B. If James chooses Down, Theodore's best response is to choose Right.
C. If Theodore chooses Left, James's best response is to choose Down.
D. If Theodore chooses Right, James's best response is to choose Up.
A firm that faces a downward sloping demand curve is
A. a price taker. B. a price creator. C. a price provider. D. a price searcher.