When compared with other governments around the world, government spending in the United States as a percentage of GDP_____
a. is generally lower than similar countries
b. is generally higher than similar countries
c. is about average relative to similar countries
d. is impossible to compute because of differences between countries
a
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Do people's incomes result from the choices they make?
A) Yes, and from no constraints whatsoever. B) Yes, but from among a limited set of options. C) No, because obviously no one would choose to be poor. D) No, because others often will not let people have what they choose.
Unemployment that is the result of recessions is called
A) frictional unemployment. B) cyclical unemployment. C) downtime unemployment. D) structural unemployment.
Suppose that a government agency is trying to decide between two pollution reduction policy options. Under the permit option, 100 pollution permits would be sold, each allowing emission of one unit of pollution. Firms would be forced to shut down if they produced any units of pollution for which they did not hold a permit. Under the pollution tax option, firms would be taxed $250 for each unit of pollution emitted. The regulated firms all currently pollute and face varying costs of pollution reduction, though all face increasing marginal costs of pollution reduction. Because firms face increasing marginal costs to reduce pollution, the demand curve for pollution permits will be:
A. perfectly elastic. B. perfectly inelastic. C. downward sloping. D. upward sloping.
A firm's demand curve for labor coincides with the:
A. marginal cost curve. B. average cost curve. C. marginal revenue curve. D. marginal revenue product curve.