For a fixed resource like land to be allocated to its highest valued use
a. a good social plan is needed.
b. it should be allocated to those who will pay the most.
c. it should be taxed at 100 percent of its rental value.
d. it should be offered to those who promise to put it to its best use.
b. it should be allocated to those who will pay the most.
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GDP ignores transactions that take place in the underground economy
Indicate whether the statement is true or false
A decrease in money supply will lead to ________ if nominal wages are fixed
A) lower unemployment B) higher real wages C) higher output D) lower real wages
Binary variables
A) are generally used to control for outliers in your sample. B) can take on more than two values. C) exclude certain individuals from your sample. D) can take on only two values.
If Crystal gets 140 utils from eating one yogurt, 145 utils from eating two yogurts, and 148 utils from eating three yogurts, then Crystal's total utility is:
A. increasing. B. decreasing. C. decreasing at decreasing rate. D. constant.