The above table shows the marginal benefit from submarines for the only two citizens of a country. Submarines are a public good. If submarines cost $100 a piece to produce, what is the efficient quantity of submarines?
A) 0
B) 1
C) 2
D) 3
D
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In which year did the United States account for half the world's manufacturing output?
A. 1925 B. 1945 C. 1965 D. 1985
The supply of a good is more price elastic
a. the more alternatives there are to producing the good in question b. the more broadly the market for the good is defined. c. the shorter the time horizon over which it is measured. d. the higher the cost of production. e. the more elastic the demand for that good.
The environmental problems of China:
a. were caused by a lack of central planning in the economy. b. were caused by the burning of low-quality, high-sulfur coal. c. were caused by a lack of pollution controls. d. All of the above are correct.
If people expect future earnings of Galt Corporation to be high relative to current earnings, then
a. the P/E ratio of its stock will be high. A P/E ratio of 8 is relatively high. b. the P/E ratio of its stock will be high. A P/E ratio of 8 is relatively low. c. the P/E ratio of its stock will be low. A P/E ratio of 8 is relatively high. d. the P/E ratio of its stock will be low. A P/E ratio of 8 is relatively low.