If the production of a particular good involves significant external costs, to force the externality to be internalized the government might:
a. impose a tax on production of the good in order to increase production.
b. impose a tax on production of the good in order to decrease production.
c. offer a subsidy for production of the good in order to increase production.
d. offer a subsidy for production of the good in order to decrease production.
Question 2
According to rational expectations theory:
a. a large reduction in unemployment can be achieved with a relatively small increase in inflation.
b. people are not easily fooled by changes in government fiscal policy.
c. inflation rates that rise 3 percentage points each year will keep unemployment below its natural rate for a sustained period of time.
d. the Phillips curve will slope downward to the right, if people correctly anticipate the inflation rate.
Primary production increases with an increase in total phosphorus concentration.
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