An event is productive as long as
A) it is incurred without any opportunity cost.
B) it increases wealth.
C) the value of the inputs exactly equals the value of the output.
D) it creates a new material object.
E) all of the above are true.
B
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For-profit producers will produce only private goods because
A) buyers will be willing to pay for the goods since the benefits are excludable. B) all external benefits can be internalized using market prices. C) the cost of production can be easily determined. D) markets exist for private goods but not for public goods.
Describe the U.S. Social Security system and explain how it is funded.
What will be an ideal response?
The more money firms spend on R&D the faster the economy is expected to grow.
Answer the following statement true (T) or false (F)
The net decline in a country's stock of international reserves over a year is called a(n):
A. trade deficit. B. balance-of-payments surplus. C. balance-of-payments deficit. D. trade surplus.