Economists generally assume that faster economic growth is negative for society.
Answer the following statement true (T) or false (F)
False
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When an average total cost pricing rule is enforced, average total cost equals ________
A) marginal revenue B) total revenue C) price D) average total cost
What is the consequence of a positive externality in a market? What is the consequence of a negative externality? Why those consequences occur?
What will be an ideal response?
The law of diminishing returns
a. explains why marginal cost eventually increases as output expands. b. implies that average fixed cost will remain unchanged as output expands. c. is true for physical production activities but not for activities such as studying. d. applies to a capitalist economy but would be irrelevant if the means of production were owned by the state.
The incidence of cigarette taxes falls mainly on
A. smokers. B. retail sellers of cigarettes. C. cigarette producers. D. people who are no longer exposed to second-hand smoke.