China, the last large communist society,
a. has proved that a command economy has far less pollution problems than capitalist economies.
b. has urban smog levels higher than Los Angeles.
c. has the world's most sophisticated pollution-control devices.
d. has lowered its level of pollution dramatically since 1980.
b
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The specificity rule implies that changing property rights as a way to correct externalities is preferred to the use of government taxes and subsidies.
Answer the following statement true (T) or false (F)
Suppose that the market price of good A equals the firm's cost of producing that good, but it does not reflect any costs imposed on society. Which of the following is FALSE?
A) The good is priced too low. B) An external benefit is associated with good A. C) Resources are over-allocated in the production of good A. D) Too much of good A is being produced.
If marginal utility is declining but still positive, total utility is increasing.
Answer the following statement true (T) or false (F)
An increase in demand, all other things unchanged, will result in a(n) ________ in the equilibrium price and a(n) ________ in the equilibrium quantity.
A) increase; increase B) decrease; decrease C) decrease; increase D) increase; decrease