In the last few decades, the poverty rate in the US has
A. increased.
B. decreased.
C. changed little.
D. may have increased or decreased, we do not know for certain.
C. changed little.
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The above table shows the marginal benefits and costs from production of fertilizer. There are no external benefits. If the market is perfectly competitive and unregulated, the efficient level of output could be achieved by setting a per ton tax of
A) zero. B) $30. C) $80. D) $110.
If the economy experiences a recessionary gap then:
a. aggregate expenditures exceed the level of spending necessary to provide for full employment. b. Keynesian economics would recommend a reduction in government spending or an increase in taxes. c. Keynesian economics would recommend an increase in government spending or a decrease in taxes. d. the equilibrium level of output and income is above full employment.
The ability of price-taker firms to freely expand or contract their businesses and to enter or exit the market means that
a. prices will always be high enough to generate positive economic profit. b. resources that would be more valuable elsewhere will be trapped, unproductively, in a particular industry. c. resource owners cannot move their resources to other areas where they would be more highly valued. d. resources that would be more valuable elsewhere will not be trapped, unproductively, in a particular industry.
Although pollution is caused by a failure of the market, many economists believe that the best way to protect the environment is to utilize the price mechanism.
Answer the following statement true (T) or false (F)