Too much of a good is produced if some external benefits of producing or consuming it are ignored by the private decision makers.
Answer the following statement true (T) or false (F)
False
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According to the textbook application, recent EPA rules and regulations proposed under the Obama administration
a. fall into the category of market-based policies b. have been met with wide approval among all constituencies c. achieve allocatively efficient levels of pollution abatement d. have been shown to meet the cost-effective criterion e. none of the above
If the theory of purchasing power parity is correct, which of the following statements should be true in the long run?
A) The percentage change in the nominal exchange rate equals the foreign inflation rate minus the domestic inflation rate. B) The percentage change in the real exchange rate equals the foreign inflation rate plus the domestic inflation rate. C) The percentage change in the nominal exchange rate equals the percentage change in the real exchange rate minus the sum of the foreign inflation rate and the domestic inflation rate. D) The percentage change in the nominal exchange rate equals zero.
There is virtual consensus on the part of channel analysts that the sociocultural environment.
Based on the relative size of factor payments, the most important resource in the U.S. economy is
a. capital. b. land. c. labor. d. natural resources.