Under a system of marketable pollution permits, a firm with relatively low abatement costs will buy permits from a firm with relatively high abatement costs.
Answer the following statement true (T) or false (F)
False
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A normative statement i. can be tested as to whether it is true or false. ii. is considered negative. iii. depends on a person's values
A) i only B) iii only C) i and iii D) ii and iii E) i, ii, and iii
For a competitive equilibrium to occur, all of the following has to happen except
A) agents are price takers. B) the government sets taxes at zero. C) markets clear. D) the actions of all agents are consistent.
What best describes state fiscal experience in the late 1920s and early 1930s?
a. Revenues dropped consistently through the period because less was being produced. b. State spending decreased through the period c. The growth in state expenditures exceeded the growth of federal expenditures during the same period. d. States either ran budget surpluses or fairly small deficits.
A firm in a ______________ faces a __________ demand curve
a. perfectly competitive market; perfectly inelastic b. perfectly competitive market; perfectly elastic c. monopoly market; perfectly elastic d. monopoly market; horizontal