The pollution charge
a. is the most commonly used market-based instrument internationally
b. is sometimes implemented as an effluent charge to protect water resources
c. can be used to control noise pollution
d. all of the above
e. none of the above
d. all of the above
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The number of units of the good on the horizontal axis that we are willing to give up to get one more unit of the good on the vertical axis is equal to the absolute value of the slope of the indifference curve.
Answer the following statement true (T) or false (F)
Refer to Figure 2-11. In the circular flow diagram, who are economic agents A and who are economic agents B?
A) A = households; B = firms B) A= firms; B = product markets C) A = firms; B = households D) A = households; B = factor markets
Marginal utility is defined as the
a. extra satisfaction the consumer receives from an extra $1 of income b. total satisfaction a consumer receives consuming goods c. difference between total satisfaction and the extra satisfaction a consumer receives consuming a good d. extra satisfaction a person derives from consuming an additional unit of a good e. ratio of the utility a good provides to the price of that good, i.e., MU = U/P
In the 1960s, the Phillips curve was ________
A) consistent with a positive relationship between inflation and unemployment B) suggestive of a temporary trade off between inflation and unemployment C) a very popular explanation for inflation fluctuations D) all of the above E) none of the above