Which of the following is not part of the pollution problem?
A. The absence of markets for goods like clean air and clean water
B. The lack of well-defined property rights to clean air and clean water
C. The unreliability of voluntary programs to cut pollution
D. The willingness of citizens to take steps to reduce detrimental externalities
Answer: D
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
Economic growth is
A) an increase in the per person real production in a nation. B) an increase in stock market values. C) an increase in real estate values. D) an increase in the number of people employed in agriculture.
What is the most compelling evidence for the Keynesian interpretation of the Great Depression?
a. Increases in both the interest rate and the quantity of money b. Decreases in both the interest rate and the quantity of money c. An increase in the interest rate and a decrease in the quantity of money d. A decrease in the interest rate and an increase in the quantity of money
Consider the following statement: "If the government attempts to raise employment through increased fiscal spending, all it will end up doing is increasing the price level." The statement rests on the assumption that:
a. the aggregate demand curve is a horizontal line. b. the aggregate supply curve is a vertical line. c. the aggregate supply curve is upward-sloping. d. the aggregate supply curve is downward-sloping. e. the aggregate supply curve is a horizontal line.