In the past the federal government often employed what is called a "command-and-control" approach to the reduction of pollution emissions. Many economists are critical of this approach because
A) they believe a market-based approach will reduce pollution more efficiently.
B) it does not lead to significant reductions in pollution.
C) the "command-and-control" approach leads to negative externalities.
D) the "command-and-control" approach is designed to help firms at the expense of consumers.
A
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To make a rational choice, a person
A) adds the total costs to determine if the total is small enough. B) adds the total benefits and the total costs and then compares the two totals. C) takes account of all benefits and all opportunity costs, including both marginal costs and sunk costs. D) adds the total benefits to determine if the total is large enough. E) compares the extra benefits of one more unit to the extra costs of one more unit.
When output is less than the efficient level,
A) consumers are willing to pay more for another unit than it costs to produce the unit. B) the amount consumers are willing to pay equals the cost of production. C) the cost of production is greater than the price consumers are willing to pay. D) the production costs can't be measured. E) the marginal cost of producing the good must be greater than the marginal benefit from the good.
What is the present value of $50,000 to be received after one year, if the market rate of interest is 8% per year?
A) $44,110.98 B) $44,322.87 C) $46,296.30 D) $48,376.21
The amount by which government purchases and transfers exceed tax revenues is known as the
A) primary surplus. B) primary deficit. C) primary current deficit. D) government debt.