In a competitive market, maximum efficiency is achieved because of:
A.) Competitive pressure on prices.
B.) Differentiated products.
C.) High barriers to entry.
D.) Significant market power.
A.) Competitive pressure on prices.
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On the benefit side of the analysis, briefly describe two distinct benefits to society that are relevant to a risk-benefit analysis of pesticides.
Suppose you are part of an economic analysis team charged with recommending a policy response to pesticide risks. Your team decides to use risk-benefit analysis as its risk management strategy.
Refer to Figure 11-2. Based on the per-worker production function above, if the economy raises capital per hour worked from $35,000 to $40,000, by how much will real GDP per hour worked increase?
A) $150 B) $1,850 C) $2,000 D) $5,000
Supply-side economics is a short-run, countercyclical strategy.
Indicate whether the statement is true or false
Discuss the problem of population in developing nations using the rule of 70.
What will be an ideal response?