The command-and-control approach to pollution reduction
A. Lowers market prices.
B. Lowers private marginal costs.
C. Stimulates production.
D. May be less efficient than a market-based option.
Answer: D
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Tom and Jerry have two tasks to do all day: make dishes and build fences. If Tom spends all day making dishes, he will have make 16 dishes. If he instead devotes his day to building fences, Tom will build 4 fences. If Jerry spends his day making dishes, he will make 14 dishes; if he spends the day building fences, he will build 7 fences. If Jerry decides to specialize in building fences, what are the limits to his terms of trade?
A. Jerry will accept no less than 7 dishes for each fence. B. Jerry will accept no less than 2 dishes for each fence. C. Jerry will accept no less than 7 fences for each dishes. D. Jerry will accept no less than 2 fences for each dishes.
The Law of One Price holds true because
a. All farmers agree on a single price to sell their product b. Government price supports level the playing field c. Profit seeking individuals try to buy low and sell high d. Food is generally price inelastic
The public debt is the amount of money that:
A. state and local governments owe to the federal government. B. the federal government owes to taxpayers. C. the federal government owes to holders of U.S. securities. D. Americans owe to foreigners.
In the above figure, the production of 25 guitars and 25 ukuleles is
A. efficient production. B. impossible production. C. inefficient production. D. not possible since production always occurs along the PPC.