The open access equilibrium is usually
a. Economically efficient but ecologically unsustainable Incorrect
b. Economically efficient and ecologically sustainable
c. Economically inefficient but ecologically sustainable
d. Neither economically efficient nor ecologically sustainable
e. Highly profitable for resource users
Ans: d. Neither economically efficient nor ecologically sustainable
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The Ricardian equivalence theorem implies that
A) government debt policy must be handled correctly for the economy to prosper. B) the amounts of government spending are neutral. C) an increase in government spending has no effect on the economy, as long as there is an equal change in taxes. D) the timing of taxes collected by the government is neutral.
If the government's spending exactly equals its revenues during a budget year, that government is
A) running a budget deficit. B) experiencing a budget surplus. C) balancing its budget. D) paying off its public debt.