The Green GDP:
A. tries to capture the environmental effects regular GDP doesn't.
B. subtracts the environmental costs of production from the positive outputs normally counted in GDP.
C. values negative externalities.
D. All of these statements are true.
D. All of these statements are true.
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Which of the following is the correct way to calculate marginal utility per dollar?
a. Total utility/price b. Change in total utility/price c. Marginal utility/price d. Quantity/price
Inaccurate prediction generally invalidates the use of theory in economics.
Answer the following statement true (T) or false (F)
The Tragedy of the Commons
a. occurs most often with public goods. b. is only applicable to shared grazing rights among sheep herders. c. is eliminated when property rights are assigned to individuals. d. occurs when social incentives are in line with private incentives.
A tax system under which an individual pays a higher fraction of his income in taxes at higher levels of income is formally described as
A. digressive. B. progressive. C. proportional. D. regressive.