While marketable pollution permits may ________ the total amount of pollution, they may ________ pollution in local areas.
A. increase; decrease
B. decrease; increase
C. decrease; not change
D. not change; increase
Answer: B
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If a country began exporting product A and importing product B, then, as compared to the autarky (no-trade) situation, the marginal cost of product A will
A) increase. B) decrease. C) shift outward. D) shift inward. E) remain the same.
A contract under which a buyer agrees to make payments in exchange for the provider agreeing to pay some or all of the buyer's medical bills is referred to as
A) a fee-for-service plan. B) the Affordable Care Act. C) a deductible. D) health insurance.
When the price of a good rises, the resulting change in relative price causes the consumer to reduce his quantity demanded of that good, even when the consumer is income-compensated so that he remains indifferent about the price change. This observation is known as the
a. Giffen good phenomenon. b. law of demand. c. substitution effect. d. income effect.
The natural rate hypothesis concludes that the inflation rate increases, then in the short run there is
A) a downward movement along the short-run Phillips curve. B) an upward movement along the short-run Phillips curve. C) no change at all in the short-run Phillips curve. D) an upward shift of the short-run Phillips curve. E) a downward shift of the short-run Phillips curve.