Country Z has established specific limits for allowable pollution. Which term best describes this situation?
a. Command-and-control regulation
b. Cap and trade program
c. Pollution charges
d. Market-oriented environmentalism
a. Command-and-control regulation
Country Z has implemented command-and-control regulations.
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The supporters of a proposal to increase marginal taxes on those earning over $200,000 a year say this change would generate $100 billion in new tax revenues. A supply-side economist would argue that the actual revenue raised will be
A) exactly $100 billion because there are no offsetting factors to a tax increase. B) more than $100 billion, because lower income people will work harder when they perceive the tax system to be fairer. C) more than $100 billion because interest rates will also be affected. D) less than $100 billion because some people will respond by working less.
Which of the following strategies are used by business firms to capture consumer surplus?
A) Price discrimination B) Bundling C) Two-part tariffs D) all of the above
The amount of U.S. exports to the rest of the world is primarily determined by _____
a. the real disposable income in the United States b. the real disposable income in other nations c. the real interest rate in other nations d. the real interest rate in the United States e. the government budget deficits in other nations
If you were a government official that wanted to raise the equilibrium price of milk, which of the following actions would you take?
a. Take milk from government storage and sell it. b. Encourage farmers to produce more milk. c. Subsidize purchases of dairy equipment. d. Encourage farmers to produce less milk.