It would have been very difficult to clean up Lake Erie some years ago without government participation primarily because
A) environmental improvements benefit everyone and should therefore be financed from taxes.
B) the lake is a navigable body of water.
C) the lake is officially public property.
D) the pursuit of profit will cause environmental deterioration.
E) too many people could benefit without helping to pay the cost of the cleanup.
E
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The highest and most prolonged period of unemployment in the United States over the last 125 years occurred during
A) World War II. B) the 1890s Depression. C) the 1990-1991 recession. D) the Great Depression of the 1930s.
If the rate of inflation is zero, prices are expected to remain stable, and the nominal rate of interest is 5 percent, then the
A) real rate of interest is equal to the nominal rate. B) real rate of interest is less than the nominal rate. C) nominal rate is greater than the real rate of interest. D) investment demand schedule will shift upward.