Which of the following events occurred during the 2000 to 2003 time-frame and had an important impact on the deficit/surplus projections?
A. The decrease in unemployment rates from 2002 to 2003
B. The increase in inflation rates from 2000 to 2002
C. The recession of 2001
D. The increase in interest rates from 2001 to 2003
Answer: C
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When dealing with negative externalities, government action is required
A) only if transactions cost are low. B) for any bargain to be successful. C) only in environmental disputes. D) only if transactions costs preclude bargaining between polluter and victim.
Pork from pigs can be used to produce bacon or sausage, but not both. If the price of bacon falls for some reason, then, everything else equal: a. the price of sausage will rise
b. the price of sausage will fall. c. the resources used to raise pigs will become more expensive. d. the demand for bacon will increase.