Special interest group X receives a 1/150th slice of the economic pie. Its net benefits from an economic growth policy are $7,000, which are the same as its net benefits from a transfer policy. What is the change in the size of the economic pie (Real GDP) that is required to bring about this result?
A. $1,050,000
B. $46.67
C. $150,000
D. $2,500,000
E. none of the above
Answer: A
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a. True b. False Indicate whether the statement is true or false
The post hoc, ergo propter hoc fallacy is the belief that
A. it is impossible to draw generalizations about cause and effect. B. what is true for a part is necessarily true for the whole. C. what is true for the whole is necessarily true of the parts. D. if Event A happens before Event B happens, then Event A causes Event B to occur.
Iceland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Lavaland can produce 36 units of food per year or 18 units of clothing. Which of the following is true? a. Iceland has both a comparative and absolute advantage in producing food
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Suppose a firm wants to build a new factory that would add pollution to an already polluted area. Under an offset program, the firm must:
A. install scrubbers and other government-mandated equipment. B. purchase pollution permits from the government. C. reduce or eliminate an old pollution source in the area. D. pay a tax which depends on the amount of pollution created.