According to the Clean Air Act, a new firm in the covered industry is required to:
A. obtain a permit to pollute and at least match the most effective system existing in the industry.
B. obtain a permit to pollute.
C. at least match the most effective system existing in the industry.
D. None of the statements are correct.
Answer: A
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The phrase "smart for one, but dumb for all" refers to the idea that the individual pursuit of self-interest:
A. never leads to an efficient outcome. B. doesn't always lead to an efficient outcome. C. always leads to an efficient outcome. D. only leads to an efficient outcome when everyone is well-informed.
The U.S. government establishing a policy that it will bail out troubled financial institutions and a resulting increase in the number of bank failures is an example of: a. the moral hazard problem
b. the free rider problem. c. the adverse selection problem. d. the "lemon" problem.
Adam Smith believed that the best way to promote the public interest was to
A. have the government produce most goods and services. B. let people pursue their own selfish interests. C. wait for individuals to set out to promote the public interest. D. get rid of the price mechanism.
Liz has a comparative advantage in ________ because ________
A) smoothies; she can produce more smoothies per hour than Joe can B) salads; she can produce more salads per hour than Joe can C) smoothies; her opportunity cost of producing smoothies is lower than Joe's D) both goods; she can produce more of both goods per hour than Joe can E) salads; her opportunity cost of producing salads is lower than Joe's