How are depletion and pollution mirror images of the same problem?
What will be an ideal response?
Whereas depletion refers to taking too much good stuff out of the environment and pollution refers to putting too much bad stuff into the environment, they both occur due to similar circumstances. Depletion and pollution both occur due to poorly-defined property rights allowing the polluters or depleters to force others to share their costs.
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Assume the economy is at full employment. Which of the following would you expect if oil prices suddenly decreased?
a. A recession b. A decrease in employment below its full-employment level c. An economic contraction d. A technological breakthrough e. An increase in employment above its full-employment level
Which of the following taxes is always regressive?
a. a property tax b. an income tax c. a corporate tax on profit d. a 25 percent tax on overtime wages e. a $2 tax on a ticket to the movies