Which of the following is not demonstrated by a production possibility curve?
A. scarcity
B. opportunity cost
C. necessity for choice due to scarcity
D. price
D. price
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A positive statement is:
a. something good or desirable. b. a call for improvement. c. a statement of opinion. d. a statement testable by facts. e. a suggestion for policy.
Laissez faire refers to a program of minimal interference in the market system
a. True b. False Indicate whether the statement is true or false
Which of the following is possible when the market fails?
A. It is impossible for government intervention to improve the mix of goods and services. B. The mix of goods and services is at the correct point on the production possibilities curve. C. The mix of goods and services is the optimal mix. D. The mix of goods and services is on the production possibilities curve.
Recall the Application about how the effect of a more dangerous job on wages may be used to calculate the value of a statistical life to answer the following question(s).According to the Application, if a worker is willing to take a $2,000 pay cut in order to reduce the probability of dying by .001, then the value of a statistical life is:
A. $2,000,000. B. $2,000.001. C. $2. D. $20,000,000.