The marginal benefit of pollution abatement
A) increases at an increasing rate as abatement increases.
B) decreases as pollution abatement increases because of the law of diminishing marginal utility.
C) increases as pollution abatement increases because of the law of increasing marginal returns.
D) is constant as pollution abatement increases.
B
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The reason individual homeowners usually do not hire a private contractor to fill the potholes on their street is because
a. there are positive externalities associated with the potholes b. the value to the neighborhood exceeds the cost of repair c. it costs them more than the benefits they derive d. they do not trust the government e. there are negative externalities associated with the repair
The federal government increases spending by $50 billion and the main effect is an increase in the price level. It must be true that the economy is operating on the
a. horizontal portion of the aggregate demand curve. b. horizontal portion of the aggregate supply curve. c. vertical portion of the aggregate supply curve. d. vertical portion of the aggregate demand curve.