The Internet was first developed in the
a. business sector.
b. government sector.
c. corporate sector.
d. college dorm room of Bill Gates.
b
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In an unregulated, competitive market, less than the efficient quantity of education is produced and consumed because
A) the decisions to produce and consume education are based on marginal private costs and marginal private benefits. B) the decisions to produce and consume education are based on marginal social costs and marginal social benefits. C) the decisions to produce and consume education are based on marginal private benefits and marginal social costs. D) marginal private costs are consistently greater than marginal private benefits.
Allocative efficiency occurs in markets when
a. marginal benefit and marginal cost for the last unit sold are equal b. resources can be reallocated to increase the value of total output c. goods are produced at the minimum of average total cost d. goods are distributed evenly among consumers e. government establishes price ceilings below the market price
Financial institutions are not very heavily leveraged, to prevent risk to the banking system
a. True b. False Indicate whether the statement is true or false
On an individual level, our selection of one career rather than another represents which of the following economic concepts?
a. productivity b. externality c. opportunity d. specialization