For a privately owned business in a competitive market setting,
a. reducing resource use while producing the same output adds to profit and typically reduces waste products and thus cuts pollution as well.
b. when property rights are well-defined and strictly enforced, the firm will be able to pollute air and water without having to bear the cost of the damages imposed on others.
c. wasteful use of resources results in more pollution but greater profit.
d. reducing pollution almost never pays.
A
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Use the following diagram to answer the next question.
Which of the following would cause a move from MS1 to MS3?
A. The banking system decides to hold less excess reserves and make more loans. B. The reserve requirement is reduced by the Board of Governors. C. The Federal Open Market Committee decides to sell bonds. D. The discount rate is decreased by the regional Federal Reserve banks.
Under a tariff, the domestic government gains revenue, but under an import quota it does not, unless it sells the quota rights
a. True b. False
The silly clothes worn by a circus clown are an example of
a. market inefficiency b. capital goods c. labor, if it is used by labor exclusively d. human capital e. entrepreneurship, if the clown becomes more creative wearing the clothes
The decade that had the most stagflation was the
A. 1940s. B. 1950s. C. 1960s. D. 1970s.