Briefly discuss the shortcomings of environmental command-and-control regulations
Although environmental command-and-control regulations have helped to protect the environment, they have four shortcomings: they provide no incentive to go beyond the limits they set; they offer limited flexibility in where and how pollution will be reduced; they often require specialized knowledge regarding the cost structures of each firm; and they are often viewed as unfair by the participating firms.
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Which of the following statements is true?
a. A monopsony is the only employer of a factor of production. b. A monopsony will pay workers a higher wage and employ fewer workers than a competitive labor market. c. A monopsony has a marginal factor cost curve which lies below its supply curve of labor. d. Unions are becoming a greater influence in American labor markets. e. All of these.
Free markets can
A. produce goods and services with maximum efficiency. B. permanently solve unemployment. C. completely protect the environment. D. All of these responses are correct.
In the 1970's the Federal Reserve responded to an adverse supply shock. Its policy made
a. the recession that followed smaller and so provided a more favorable tradeoff between inflation and unemployment. b. the recession that followed smaller, but in doing so produced a less favorable tradeoff between inflation and unemployment. c. the recession that followed larger, but in doing so provided a more favorable tradeoff between inflation and unemployment. d. the recession that followed larger and also produced a less favorable tradeoff between inflation and unemployment.
According to _____________, rent was an unearned surplus and should be taxed away.
Fill in the blank(s) with the appropriate word(s).