The reason pollution occurs is because people tend to
A. Maximize their personal welfare, balancing social benefits against social costs.
B. Maximize their personal welfare, balancing private benefits against private costs.
C. Maximize society's welfare, balancing private benefits against private costs.
D. Consider the impact of their activities on society first.
Answer: B
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An increase in individual income taxes ________ disposable income, which ________ consumption spending
A) decreases; increases B) increases; increases C) decreases; decreases D) increases; decreases
A firm will not hire additional workers once
A. the additional cost of a worker equals the additional revenue from the worker. B. total product is rising. C. the company reaches its breakeven output level. D. it earns accounting profits.
Refer to the information provided in Figure 34.3 below to answer the question(s) that follow.
Figure 34.3Refer to Figure 34.3. If British people want to buy more U.S. goods and assets, the supply of pounds will
A. shift from S0 to S2. B. shift from S1 to S2. C. shift from S1 to S0. D. not change.
Equilibrium takes place where:
A. prices are maximized. B. supply is highest. C. supply and demand intersect. D. demand is highest.