Economists typically suggest three choices that allow a polluter to decide how to absorb most, or perhaps all, of the social costs of its actions, which are
A. reducing the pollution-causing activity, changing production techniques, or paying a price to pollute.
B. paying a pollution tax, continuing to use existing production techniques, or continuing the polluting behavior without regard to the social implications.
C. continuing to overproduce the good, lowering the price of the good, or cutting output.
D. installing pollution abatement equipment, paying to pollute, or just ignoring the issue.
Answer: A
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Between 1950 and 2015 the productivity of wheat farmers in the United States more than doubled. This means that
A) the total amount of wheat produced more than doubled. B) the amount of land and other resources devoted to wheat production more than doubled. C) the amount of wheat produced by the average farmer more than doubled. D) the incomes of wheat farmers more than doubled.
The term "balance of payments" refers to a nation's:
a. goods exports minus imports. b. record of all international transactions. c. capital inflows minus outflows. d. official reserves inflows minus outflows.
Ryan, a foreign-exchange dealer, sold U.S. dollars for Swiss francs in the United States, then sold Swiss francs for Japanese yen in Switzerland, and then sold the Japanese yen for U.S. dollars in the United States. Ryan hopes that he will end up with more U.S. dollars than when he began. Which term best describes Ryan's actions?
A) arbitrage B) speculation C) spot transaction D) outright forward
The tax incidence of a specific tax or ad valorem tax is influenced by
A) who pays the tax. B) the amount of the tax. C) the price elasticities of supply and demand. D) All of the above.