Is increased production of a good beneficial to society?
A. Yes, because scarcity is such an overriding concern.
B. Yes, because more is always better.
C. Maybe, it depends on what is foregone.
D. No, because increased production does not increase utility.
Answer: C
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The biggest barrier to growth for many of the poorest countries in the world is the need for:
A. more physical capital. B. larger populations. C. more human capital. D. improved legal and political frameworks.
The figure above illustrates the marginal private cost and the marginal social cost to the city of Seattle for each rock concert that is offered. If 5 concerts are put on, then the
A) marginal external cost will be greater than the marginal social cost. B) marginal external cost will be greater than the marginal private cost. C) marginal external cost will equal the marginal private cost. D) marginal social cost will equal the marginal external cost. E) marginal external cost will equal zero.
The following is an example of risk aversion
a. those applying for a well-paid job tend to be unqualified b. more reckless drivers opt for cars with fewer safety devices c. the contractor with the lowest bid for a is the most qualified d. Initial Public Offerings (IPOs) seek investors when prospects look good
What is a rent ceiling and what are its effects if it is set above the equilibrium rent?
What will be an ideal response?