Since 1962, which of the following federal expenditures, measured as a percentage of GDP, has increased the most?

Any point on the production possibilities curve illustrates:

a. minimum production combinations. b. maximum production combinations. c. economic growth. d. a nonfeasible production combination.

Which of the following is an advantage of tradable pollution permits?

a. Each firm is allowed to pollute exactly the same amount. b. Revenue from the sale of permits is greater than revenue from a corrective tax. c. The initial allocation of permits to firms does not affect the efficiency of the market. d. Firms will engage in joint research efforts to reduce pollution.