Mulch is shredded wood and is a by-product in the production of lumber. Because these two goods are produced together, they are
A) complements in production.
B) substitutes in production.
C) inputs into the same production process.
D) not related.
E) normal goods in production.
A
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The protectionist view
a. argues that nations should protect their borders from transboundary pollution b. believes that trade can create unfair competition or lose jobs to other nations c. supports environmental policy only if it protects domestic jobs d. ignores environmental issues, focusing only on the effects of trade on competition and employment
In a communist economy,
A. the state controls the means of production. B. individuals decide what to produce, how to produce it and who gets it. C. economic decisions are decentralized. D. the market system is used to allocate resources.
Externalities may be internalized by
A. government-imposed taxes and subsidies. B. regulation. C. legal rules and procedures. D. All of the choices are correct.
Since 2002, the United States has had:
A. large federal budget surpluses. B. large federal budget deficits. C. modest trade surpluses. D. a rising natural rate of unemployment.