Which objective of an ideal pollution control policy would involve the principle of continuing to reduce pollution by one more unit only as long as the value of the improved environmental quality is greater than the value of ordinary goods that are sacrificed?
a. achieving pollution reduction at least cost
b. motivating advances in abatement technology
c. achieving the efficient level of pollution
d. achieving a zero level of pollution
c
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If a firm is experiencing diminishing returns to a variable input, then:
a. it must be hiring less-productive units of the variable resource. b. it must be experiencing diseconomies of scale. c. the marginal physical product of the variable input must be decreasing. d. the average physical product of the variable input must be decreasing. e. its total product must be decreasing.
Which of the following is not an advantage of the corporate structure over proprietorship and partnership forms of business organization?
a. Stockholders in the corporation have limited liability, whereas proprietors or partners have unlimited liability. b. Ownership rights of a corporation may be transferred more easily. c. Large investment funds are more easily attracted by the corporation. d. Corporations are less likely to suffer from the principal-agent problem.
Refer to the graph shown. If expected inflation increases from 0 percent to 6 percent, the:
A. economy will move from point B to point C. B. short-run Phillips curve will shift from PC2 to PC1. C. short-run Phillips curve will shift from PC1 to PC2. D. economy will move from point C to point A.
A change in quantity supplied of a product is the result of a change in:
A. consumer income. B. the state of production technology. C. the cost of producing the product. D. the price of the product.