Economist's can justify supporting education through taxation on which of the following grounds?
A) Education generates spillover benefits.
B) Low-income people could not otherwise afford education.
C) Most economists are educators.
D) Free education extends equal opportunity to all.
E) Public education is more efficient than allowing education to be provided by the market.
A
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Assume toys are produced using only labor and wood. Which of the following best describes the cost of producing toys?
a. The number of dollars that the laborer spends to purchase the wood. b. The amounts of labor and wood used in the production process. c. The alternative uses that could be found for the labor and wood. d. The monetary value of the labor and wood used.
A consumer's total utility is maximized when the total utility per dollar from all goods is equalized
Indicate whether the statement is true or false
Natural gas is a natural monopoly. The figure above shows the market for natural gas in the city of Lucknow. When a marginal cost pricing rule regulation is imposed, the price per household per month is ________
A) $30 and 20,000 household are served B) $10 and 40,000 household are served C) $10 and 20,000 household are served D) $20 and 30,000 households are served
Suppose the country of Maverick has specialized in the production of a good but has not yet entered into trade. At this point in time, Maverick has
A. Shifted its production possibilities curve outward. B. Moved to a level of consumption outside its production possibilities curve. C. Moved along its existing production possibilities curve. D. Moved to a level of production outside its production possibilities curve.