The marginal benefit from pollution abatement
A) increases as pollution abatement increases because people learn to want an even cleaner environment as the environment gets cleaner.
B) decreases as pollution abatement increases because of the law of diminishing marginal product.
C) is constant as pollution abatement increases because pollution abatement is valued for its own sake and not for the utility it provides.
D) decreases as pollution abatement increases because of the law of diminishing marginal utility.
D
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An increase in demand and an increase in supply will lead to
A) unambiguous increases in both price and quantity. B) unambiguous decreases in both price and quantity. C) an unambiguous increase in quantity, but the effect on price is indeterminate. D) an unambiguous increase in price, but the effect on quantity is indeterminate.
Modern banks in the United States can keep reserves as:
A. commodity money only. B. a deposit at the Federal Reserve. C. gold. D. in accounts with other banks.
According to Adam Smith, what is the primary source of a nation's wealth?
a. The amount of gold and silver in the government's possession. b. A spirit of cooperation in which people share according to their means. c. Strong central planning authorities. d. The people's ability to produce products and trade in free markets.
In which quarter of which year did the prosperity phase of the business cycle begin?
