The Clean Air Act is designed to restrict automobile emissions and reduce the external costs of air pollution. The economic analysis used to develop the Clean Air Act was:
A) normative.
B) positive.
C) macroeconomic.
D) none of the above
A
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How has economist Robert Fogel explained that economic growth is connected to life expectancy? Based on this connection, in what country would you expect to have a longer life expectancy, the United States or India? Explain
What will be an ideal response?
Tiffany has just graduated from Stanford University and has applied for a job as an engineer at a manufacturing plant. The manufacturer decides to offer Tiffany a job because it perceives she's gained valuable skills while at Stanford. To which of the following views of education does the manufacturer subscribe?
a. signaling b. human-capital view c. compensating-differentials d. superstar
A seller's supply curve shows the seller's:
A. hourly wage for producing an additional unit of output at each quantity. B. opportunity cost of producing an additional unit of output at each quantity. C. profit from producing an additional unit of output at each quantity. D. willingness to pay for an additional unit of output at each quantity.
When resources are misallocated, or allocated inefficiently,
A. then it must be the case that the good is a public good. B. then it must be the case that there is imperfect information in the market. C. then there must be external costs or benefits in production. D. market failure occurs.