An example of the command-and-control approach to environmental policy is:
a. placing a tax on freon to reduce its use and the corresponding CFC emissions (which contribute to the ozone hole).
b. requiring car producers to install new air conditioners that do not use freon.
c. allowing coal producers to buy and sell permits to allow CFC emissions.
d. allowing individuals to sue freon producers if CFC emissions exceed a government-set standard.
b
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Research by Warburton, and more recently Miron and Zweibel on alcohol consumption during and after prohibition indicates that:
a. the demand for alcohol is fairly price inelastic. b. the demand for alcohol is fairly income inelastic. c. the demand for alcohol is fairly price elastic. d. the demand for alcohol has a price elasticity of zero.
In 1990, which Latin American countries saw inflation climb above 2,000%?
a. Colombia and Venezuela b. Mexico and Guatemala c. Brazil and Argentina d. Uruguay and Paraguay
In a competitive market, the market demand is Qd = 400 - 5P and the market supply is Qs = 10P - 80. A price ceiling of $32 will result in
A. a shortage of 44 units. B. a surplus of 26 units. C. a shortage of 80 units. D. neither a shortage nor a surplus.
As a percentage of GDP, the national debt consistently
A. fell from 1950 until 1990. B. rose from 1950 to 1960, but not thereafter. C. rose from 1975 to 1995. D. rose from 1950 to 1975.