Technological change was a major contributor to the productivity speed-up from 1995-2000
a. True
b. False
Indicate whether the statement is true or false
True
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Assume that the Clean Air Act requires an increase in sulfur dioxide (SO2) abatement (A) from 50 to 60 percent and that the relevant MSC (in millions) is MSC = 12 + 0.8A, where A is measured in percent. Then, the incremental cost of this policy change is
a. $20 million b. $60 million c. $560 million d. none of the above
The short-run supply curve of a perfectly competitive firm is based primarily on its
A. MC curve. B. AVC curve. C. AFC curve. D. ATC curve.
If there are no externalities, a competitive market achieves economic efficiency. If there is a negative externality, economic efficiency will not be achieved because
A) a deadweight loss will occur that is equal to the area under the demand curve for the good. B) too much of the good will be produced. C) too little of the good will be produced. D) economic surplus is maximized.
Fiscal policy involves manipulating ________
A) the supply of money B) consumption spending C) federal subsidies and minimum wage values D) government spending and taxes