Which of the following require firms to pay to pollute? (i) corrective taxes (ii) tradable pollution permits (iii) pollution regulations
a. (i) only
b. both (i) and (ii)
c. (iii) only
d. both (ii) and (iii)
b
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The psychological rewards of inventing a new product generally result in ____ profits for entrepreneurs
a. below average b. only average c. above average d. indeterminate
If Joanna is risk averse, then
a. her utility function exhibits the property of decreasing utility. b. her utility function exhibits the property of increasing marginal utility. c. she dislikes bad things more than she likes comparable good things. d. she is unlike most people, because most people are not risk averse.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
Which of the following statements is correct?
A) Supply is more elastic in the short run than in long run. B) Supply is more elastic in the long run than in short run. C) Price elasticity of supply is constant along the supply curve. D) Price elasticity of supply is always a negative number.