Air pollution best illustrates
A. Market power.
B. An inequity.
C. Government failure.
D. An external cost.
Answer: D
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For conservatives, the United States needs
A. an expanded public sector to protect consumers. B. a smaller public sector and less regulation. C. a larger tax rate and more government spending. D. more public goods and services, such as national health care.
According to the graph shown, at a price of $15, there is a:
A. shortage of 20. B. surplus of 20. C. shortage of 30. D. shortage of 10.
The value of land is determined in part by what firms and households are willing to pay for it.
Answer the following statement true (T) or false (F)
Disinflation can be explained by the Phillips Curve analysis as resulting from a situation where the actual rate of inflation is initially less than the expected rate, causing the unemployment rate to:
A. Rise temporarily, but consequent decreases in nominal wages will eventually bring the actual and expected rates of inflation into balance B. Rise temporarily, but consequent increases in nominal wages will eventually bring the actual and expected rates of inflation into balance C. Fall temporarily, but consequent increases in nominal wages will eventually bring the actual and expected rates of inflation into balance D. Fall temporarily, but consequent decreases in nominal wages will eventually bring the actual and expected rates of inflation into balance