It is efficient to reduce pollution to zero.
Answer the following statement true (T) or false (F)
False
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Which of the following statements best explains how the use of money in an economy increases economic efficiency?
A) Money increases economic efficiency because it is costless to produce. B) Money increases economic efficiency because it discourages specialization. C) Money increases economic efficiency because it decreases transactions costs. D) Money cannot have an effect on economic efficiency.
Costs that require a firm to spend money are considered:
A. fixed costs. B. variable costs. C. explicit costs. D. implicit costs.
Suppose the market for coffee is in equilibrium at a price of $5 per pound. This means that:
A. any producer who sells coffee can earn a positive economic profit. B. everyone can afford to buy coffee. C. potential consumers not buying coffee value it at less than $5 per pound. D. potential producers not producing coffee have reservation prices less than $5 per pound.
We may note that unemployment:
A. only occurs during times of recession. B. is highest during times of economic booms. C. tends to increase during times of economic recovery. D. exists at any time during the business cycle.