The marginal benefit from pollution abatement
A. decreases as pollution abatement increases because of the law of diminishing marginal utility.
B. is constant as pollution abatement increases because pollution abatement is valued for its own sake and not for the utility it provides.
C. decreases as pollution abatement increases because of the law of diminishing marginal product.
D. increases as pollution abatement increases because people learn to want an even cleaner environment as the environment gets cleaner.
Answer: A
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The Board of Governors has
A) seven members appointed to 14-year terms. B) 14 members appointed to 10-year terms. C) four members appointed to seven-year terms. D) 14 members appointed to four-year terms. E) seven members appointed for life.
The main reason why the traditional classical school ceased to be widely accepted was that: a. it did not reflect the realities of the modern economy. b. when Keynes received the Nobel Prize, the academic establishment started believinghis ideas
c. it could not explain the persistence of the high levels of unemployment seen during the Great Depression. d. it was too abstract to be completely understood. e. it could not explain the relationship between inflation and unemployment.