The U.S. government has frequently used a "command-and-control" approach in dealing with pollution. Which of the following describes this approach?
A) The government imposes quantitative limits on the amount of pollution firms are allowed to generate.
B) The government distributes information to consumers and producers on how to reduce pollution.
C) The government uses subsidies to encourage firms to use new technology that reduces pollution.
D) The government uses taxes in order to internalize the externalities caused by pollution.
A
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Happyland is a country devoted to consumption. The inhabitants spend all of their income on pleasurable things and virtually none on capital investment, human or otherwise. Seriousland is frugal, spending very little on consumption and a great deal on human and physical capital. Ten years from now, which country would you prefer to inhabit?
A dairy buys $50,000 worth of milk and spend $5,000 on cartons and utilities. It sells the cartons of milk to a grocery store for $60,000 that then sells all of the cartons to consumers for $65,000 . How much do these actions add to GDP?
a. $55,000 b. $65,000 c. $120,000 d. None of the above are correct.