If instead the government set the abatement standard at 50 million tons per year, would that standard be too lenient or too restrictive at the national level? Support your answer with specific values.
Hypothetically, suppose a recent study of hazardous waste abatement (A) arrives at the following national estimates for abating chemical solvents: MSB = 100 – 0.75A and MSC = 20 + 0.50A, where A is measured in millions of tons per year, and costs are measured in millions of dollars.
If the abatement standard were set at 50 million tons, MSB would equal 100 – 0.75(50) = $62.5 million, while the MSC would equal 20 + 0.50(50) = $45 million. Since the MSB outweighs the MSC, the national standard would be too lenient.
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As wages and prices become more sticky ________
A) the short-run Phillips curve gets flatter B) wages become less responsive to unemployment deviations from the natural rate C) it becomes easier to differentiate the short-run from the long-run Phillips curve D) all of the above E) none of the above
The national debt increased approximately sixfold between
a. 1980 and 2000 b. 1945 and 1965 c. 1965 and 1975 d. 1960 and 1970 e. 1970 and 1980
While on a study abroad program you see a McDonald's in Paris. A combo meal costs 8 euros. The same meal costs $6 in the U.S. and the exchange rate is .75 euros per dollar. A. Find the real exchange rate. Show your work. B. In terms of dollars where is the combo meal cheaper?
If a production function has two inputs and exhibits constant returns to scale, then doubling both inputs will cause the output to:
A. reduce by half. B. stay the same. C. double. D. quadruple.