According to work by Amartya Sen, the best way from a society's point of view to deal with inalienable rights is to:
A. sell them when the marginal benefit exceeds the marginal cost.
B. tax their sale to raise revenue since demand for them is inelastic.
C. disallow any markets for their exchange.
D. purchase them when the marginal benefit exceeds the marginal cost.
Answer: C
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Explain the cost advantage of a firm operating at constant returns to scale
Figure 5-4
In Figure 5-4, the rightward shift in budget lines from the one containing point A to the one containing point B
a.
resulted from equal price reductions in beer and wine.
b.
resulted from an increase in the consumer's income.
c.
could have been caused by income or price changes.
d.
All of the answers above are correct possibilities.
e.
None of the above is correct.
Suppose a firm can produce 70 units of a product, Zenia, by combining labor, land, capital, and entrepreneurial ability, as in the four alternative techniques shown in the table below. Assume further that the firm can hire labor at $3 per unit, land at $3 per unit, capital at $6 per unit, and entrepreneurship at $9 per unit. Techniques ABCDLabor41065Land5333Capital5244Entrepreneurship1111 Refer to the provided table. If the price of labor declines from $3 to $2 per unit, then what is the least costly way of producing Zenias?
What will be an ideal response?
Assuming that banks have loaned all excess reserves, then an increase in checking account balances brought about by an increase in deposits is equal to:
A. (the initial deposit) × (the reserve ratio). B. (the initial deposit) × (1 / reserve ratio). C. (total reserves) × (1 / reserve ratio). D. (total reserves) × ( the reserve ratio).