One of the components of the human development index is
a. the percentage of the population who are high school graduates.
b. the average daily intake of protein.
c. life expectancy at birth.
d. the number of doctors per hundred people in the population.
C
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Pretty Polly produces dresses for little girls. If Pretty Polly's advertising campaign becomes more effective, the demand for Pretty Polly's dresses will ________ and Pretty Polly's marginal benefit curve from advertising shifts to the ________.
A) decrease; left B) decrease; right C) increase; left D) increase; right
Which of the following is not a solution to the problem of negative externalities due to pollution?
a. create private property rights b. levy pollution taxes c. create obligatory controls d. subsidize the production of the goods e. establish strict limits on the amount of pollution allowed
When the choice variable is a continuous variable, the decision rule for an unconstrained maximization problem is:
A. If MB < MC, decrease the activity. B. Choose the activity so that MB = MC. C. If MB > MC, increase the activity. D. all of the above E. none of the above
The economic surplus of an action is:
A. the money a person has left over after taking an action. B. the difference between the benefit and the cost of taking an action. C. the difference the explicit and implicit costs of taking an action. D. the benefit gained by taking an action.