The optimal quantity of pollution control occurs where:
a. pollution equals zero
b. the total benefit of pollution control equals the total cost.
c. the marginal social benefit of pollution control just equals the marginal social cost.
d. the marginal external cost of pollution equals zero.
c
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NPR ("Certain Green Industries Have Job Openings", November 12, 2008 ) reported on a story about wind turbine manufacturers in Ohio having trouble finding skilled workers
The report noted that as a result tens of thousands of people having been laid off, there is "a huge pool of job-seekers." The firms claim to "offer good pay and benefits." A representative from the United Steelworkers claims that their union members have easily transferrable skills, but the pay is too low, around $30,000 annually. A manager at Apollo Alliance says that workers in the new industry need different skills than those in the old steel industry. The type of unemployment described in the story is ________ unemployment. A) cyclical B) structural C) frictional D) efficiency wage
The decline in the price of American goods is due in part to:
A. trade barriers that allow domestic firms to lower prices. B. declines in productivity. C. globalization and increased trade. D. agglomeration effects of firms.
If labor is a variable input in production, the law of diminishing marginal returns implies that in the short run
A. total product is negative. B. labor's marginal product decreases after a certain point. C. total product is negative after a certain point has been reached. D. labor's marginal product is constant.
If the nominal interest rate is below the equilibrium value, then the quantity demanded of money is ________ than the quantity supplied of money, bond prices will ________, and the nominal interest rate will ________.
A. greater; rise; increase B. less; fall; increase C. greater; fall; decrease D. greater; fall; increase