Deciding if a power company will generate electricity from wind power or coal answers the economic question of:
A. "Who consumes the products produced?"
B. "What products will be produced?"
C. "Where will the products be consumed?"
D. "How will the products be produced.?"
Answer: D
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Suppose the conditions of the first welfare theorem hold. If the government redistributes income prior to production and trade occurring, the market outcome (resulting from production and trade) will be efficient so long as no deadweight loss is produced in the levying of redistributive taxation.
Answer the following statement true (T) or false (F)
Regarding income distribution and the distribution of wealth
A) wealth is a stock concept and income a flow concept. B) a stock is evaluated at a given moment in time; a flow is evaluated during a period of time. C) income, a flow, can be viewed as a return on wealth. D) All of the above are correct.
In the short run, a firm that produces and sells house paint can adjust
a. where to produce along its long-run average-total-cost curve. b. the size of its factories. c. how many workers to hire. d. All of the above are correct.
Suppose a vote was taken among 7 district representatives about how much of the city budget should be spent on tourism advertising. Two prefer it to be 10 percent, two prefer 15 percent, and three prefer 50 percent. According to the median voter theorem, the chosen amount to spend on tourism advertising is ________ of the budget.
A. 15 % B. 50 % C. 10 % D. 30 %