Which of the following is not a characteristic of pollution permits?
a. Prices are set by supply and demand.
b. Allowing firms to trade their permits reduces the total quantity of pollution beyond the initial allocation.
c. Real-world markets for pollution permits include sulfur dioxide and carbon.
d. Firms for whom pollution reduction is very expensive are willing to pay more for permits than firms for whom pollution reduction is less expensive.
b
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An increase in the excise tax on alcohol of $1 per liter:
a. will have no effect on alcohol consumption. b. will generate minimal tax revenues for the federal government. c. will generate substantial revenues if demand is elastic. d. coupled with a uniform drinking age nationwide would save lives. e. will raise the price of alcohol by exactly $1 per lite
What are the two meanings of interest in economics?
What will be an ideal response?
The relationship between the inputs employed by a firm and the maximum output that it can produce with those inputs is the firm's
A) production function. B) supply curve, or supply schedule. C) marginal product of labor. D) average product of labor.
Refer to the above table. What is the marginal utility for the 3rd unit for Michael and for Rosie?
A. Michael: 270; Rosie: 270 B. Michael: 75; Rosie: 75 C. Michael: -10; Rosie: 20 D. Michael: 75; Rosie: 80