Which of the following environmental approaches is most appropriate when surveillance and enforcement is impractical?
A. Direct controls
B. Emissions tax
C. Volunteerism
D. Tradable emission permits
Answer: C
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The marginal benefit of an activity is
i. the benefit from a one-unit increase in the activity. ii. the benefit of a small, unimportant activity. iii. measured by what the person is willing to give up to get one additional unit of the activity. A) i only B) ii only C) ii and iii D) i and iii E) iii only
The expected benefits of central bank independence include avoidance of ________
A) Ben Bernanke B) public scrutiny of central bank policies C) the time-inconsistency problem D) serious policy errors
The economy is considered to be at full employment when
a. the actual rate of unemployment is less than the natural rate. b. the leading economic indicators are unchanged for two consecutive quarters. c. structural unemployment is zero. d. frictional plus structural unemployment is less than the natural rate. e. the rate of cyclical unemployment is zero.
In this economic growth and production possibilities curve, economic growth is represented by the ______.
a. y-axis
b. x-axis
c. area between points A and E
d. area between the two curves