Natural resources should be left in the ground
a. if their discounted future value exceeds their current value
b. so future generations will be able to use them
c. until companies agree to restore land after mining
d. because we may run out
e. economists have no good way to analyze this question
A
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The marginal cost curve: a. is a vertical line
b. generally rises at first and then declines as output expands. c. generally falls at first and then rises as output expands. d. intersects the average variable cost curve from below at its maximum point.
When more resources in an economy are devoted to the production of capital goods: a. the production possibilities curve shifts inward
b. the production possibilities curve in the current period shifts inward, but shifts outward in the future. c. the production possibilities curve shifts outward next in the future. d. the production possibilities curve is unchanged from period to period.
A firm that is earning zero economic profit should go out of business
a. True b. False Indicate whether the statement is true or false
From the time of Benjamin Franklin to the present, the percentage of the average American's income that goes to pay taxes has
a. decreased from about 20 percent to about 10 percent. b. remained constant at about 10 percent. c. has risen from less than 2 percent to about 33.3 percent. d. has risen from less than 5 percent to about 25 percent.