Under an emissions tax program, the government sets ____; under an emissions permits program, the government sets ____.
A. the price of the right to pollute; the price of the right to pollute
B. the price of the right to pollute; the permitted total quantity of pollution
C. the permitted total quantity of pollution; the price of the right to pollute
D. the permitted total quantity of pollution; the permitted total quantity of pollution
Answer: B
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An increase in the aggregate expenditures schedule ________.
A. decreases aggregate demand by the amount of the increase in aggregate expenditures B. increases aggregate demand by the amount of the initial increase in aggregate expenditures times the multiplier C. decreases aggregate demand by the amount of the initial increase in aggregate expenditures times the multiplier D. increases aggregate demand by the amount of the increase in aggregate expenditures only
If price rises, what happens to quantity demanded for a product?
a. It increases. b. It decreases. c. It does not change. d. Uncertain-economic theory has no answer to this question.
Which is the most accurate statement?
A. The federal minimum hour wage rate puts millions of Americans above the poverty line. B. Most black families live below the poverty line. C. In 2008 the poverty rate was higher than it was in 2006. D. Welfare Reform basically eliminated poverty as a major socioeconomic problem.
The accompanying figure shows the demand curve for a product that can be sold only in whole-number amounts.
At a price of $25 per unit, what would be the total consumer surplus in this market each day?
A. $15 B. $5 C. $30 D. $0