In practice, taxes on emissions of pollutants have been found to
a. be ineffective in encouraging firms to pollute less.
b. significantly reduce pollution by taxed firms.
c. be less reliable in reducing pollution than direct controls on pollution.
d. cause failures of the pricing system.
b
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The nation of Isolani forbids international trade. In Isolani, you can exchange 1 car for 5 motorcycles. In other countries, you can exchange 1 car for 4 motorcycles. These facts indicate that
a. other countries have an absolute advantage, relative to Isolani, in producing cars. b. Isolani has a comparative advantage, relative to other countries, in producing cars. c. if Isolani were to allow trade, it would import motorcycles. d. the world price of motorcycles exceeds the price of motorcycles in Isolani.
Because of the scarcity of resources, every country must answer the three basic economic questions: ________________; ___________________; and _________________.
Fill in the blank(s) with the appropriate word(s).
Answer the following statement true (T) or false (F)
1) In a purely competitive industry competition centers more on advertising and sales promotion than on price. 2) Price and marginal revenue are identical for an individual purely competitive seller. 3) The demand curve for a purely competitive industry is perfectly elastic, but the demand curves faced by individual firms in such an industry are downsloping. 4) Marginal revenue is the addition to total revenue resulting from the sale of one more unit of output.
Which of the following is a demand-increasing factor in the health care market?
A. Rising incomes. B. The aging of the population. C. Asymmetric information. D. All of these.