If society decides it wants more of one good and ________, then it has to give up some of another good and incur some opportunity costs
A) technology advances
B) resources are underutilized
C) all resources are fully utilized
D) new resources are discovered
Answer: C
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Investment is usually
A) more variable than consumption. B) less variable than consumption. C) as variable as consumption. D) It is hard to tell from the data whether investment is more or less variable than consumption. E) a larger component of the GNP than consumption.
If Q represents a firm's level of output, W represents the wage paid to labor (L) and R is the cost of capital (K), then which of the following represents the firm's cost function?
B. C(Q) = FC(Q) + VC(Q) C. C(Q) = WL + RK D. C(Q) = (W + R)Q
Which of the following is true?
a. Changes in personal costs and benefits will exert a predictable influence on the choices of people. b. If one individual gains from an economic activity, then someone else must lose. c. If a good is provided free to an individual by government, its production will not consume valuable scarce resources. d. If the intentions behind a policy are good, you can be assured that the outcome will be desirable.
Economic efficiency approach offers each polluter the flexibility to reduce emissions as cost-effectively as possible
Indicate whether the statement is true or false