If the price were $6 each, her consumer surplus would be
Table: Demand and Utility Schedules for packs of scented candles
A. $26.
B. $18.
C. $13.
D. $3.
D. $3.
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Answer the following statement(s) true (T) or false (F)
1. Comparative risk analysis is aimed at minimizing the absolute level of a risk. 2. Risk-benefit analysis and benefit-cost analysis are examples of risk management strategies. 3. President Regan’s Executive Order 12291 called for the explicit use of risk-benefit analysis. 4. Economists support the use of allocative efficiency as a criterion to identify the “acceptable” level of risk. 5. In the United States, all environmental laws setenvironmental risk at a level where the MSB equals the MSC.
In Figure 3-2, a point such as A
A. is preferable over B. B. is an efficient use of resources. C. represents a misallocation of resources. D. is not obtainable.
If real GDP is 100 in year 1, and grows at a rate of 3 percent per year for 9 years, what will the GDP be in 9 years?
What will be an ideal response?
The efficient quantity of gasoline to sell in Motorland is
A) 1.7 million gallons per month. B) 1.8 million gallons per month. C) 1.6 million gallons per month. D) 1.9 million gallons per month.