The use of tax penalties to control pollution represents a
a. price-based market approach to the pollution problem.
b. non-market approach to the pollution problem.
c. major source of current federal revenues.
d. pollution-rights solution to the pollution problem.
a
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The term "early adopters" refers to
A) consumers who respond quickly to fads, seasonal changes, etc. B) consumers who are willing to pay high prices to be among the first to own new products. C) firms that are the first to implement a new technology that is used to produce new goods or services. D) book clubs that are first to recommend best-selling books to their members.
The slope of the consumption function shows how: a. consumption changes over time. b. consumption changes as household size changes
c. consumption changes as the price level changes. d. income changes as the level of consumption changes. e. consumption changes as the level of income changes.
When a certain nation abandoned a policy of prohibiting international trade in automobiles in favor of a free-tree policy, the result was that the country began to import automobiles. The change in policy improved the well-being of that nation in the sense that
a. both producers of automobiles and consumers of automobiles in that nation became better off as a result. b. the gains to automobile producers in that nation exceeded the losses of the automobile consumers in that nation. c. the gains to automobile consumers in that nation exceeded the losses of the automobile producers in that nation. d. even though total surplus in that nation decreased, it was still true that consumer surplus and producer surplus increased.
The presence of government in the market leads to:
A. benefits at no cost to society. B. rent seeking. C. adverse selection. D. externalities.