Refer to Table 2-2. Assume Billie's Bedroom Shop only produces pillows and blankets. A combination of 27 pillows and 14 blankets would appear
A) along Billie's production possibilities frontier.
B) inside Billie's production possibilities frontier.
C) outside Billie's production possibilities frontier.
D) at the vertical intercept of Billie's production possibilities frontier.
C
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Marginal social cost is the
A) price a consumer pays for one more unit of a good. B) cost a producer incurs producing one more unit of a good. C) cost of producing one more unit of a good that falls on someone other than the producer. D) sum of the cost a producer incurs from producing one more unit of a good plus the cost of producing one more unit of a good that falls on someone other than the producer. E) same as marginal cost only if there is an external cost when the good is produced.
Higher prices
A. are always against the public interest. B. may sometimes serve the public interest. C. should never be allowed. D. occur automatically for abundant goods.
Central planners in command economies
A. generally set production targets for firms. B. always consult consumers on the output of goods they want to consume. C. allow prices to organize the economy’s production. D. depend upon the invisible hand to coordinate economic activities.
Answer the following statement(s) true (T) or false (F)
1. Funding for publicly owned treatment works (POTWs) was originally in the form of loans and later moved to a federal grant program. 2. The Clean Water State Revolving Fund (CWSRF) program replaced the federal grant program and established state loans to support POTW construction and other projects. 3. Funding through the Clean Water State Revolving Fund (CWSRF) program was supplemented by funds allocated through the American Recovery and Reinvestment Act of 2009. 4. Ultimately, federal subsidies of POTW construction accomplished little in terms of improving waste treatment for the U.S. population. 5. Empirical research indicates that federal grants added dollar-for-dollar to POTW construction that would not otherwise have been completed at the local level.