In the past the federal government often employed what is called a "command-and-control" approach to the reduction of pollution emissions. Many economists are critical of this approach because
A) they believe a market-based approach will reduce pollution more efficiently.
B) it does not lead to significant reductions in pollution.
C) the "command-and-control" approach leads to negative externalities.
D) the "command-and-control" approach is designed to help firms at the expense of consumers.
A
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Cheese is priced at $5 per pound and wine at $10 per bottle. A consumer who enjoys both cheese and wine will not be in consumer equilibrium until the marginal utility of a pound of cheese is:
a. four times that of wine. b. one-fourth that of wine. c. two times that of wine. d. one-half that of wine.
The business cycle matters for unemployment because:
A. it affects the demand for labor. B. it affects the supply of labor. C. Both of these are true. D. Neither of these is true.