Resource use is efficient when
A) marginal social benefit exceeds marginal social cost.
B) marginal social cost is decreasing.
C) marginal social benefit equals marginal social cost.
D) marginal social benefit is increasing.
C
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In the United States from 1960 to 2010, the largest positive contribution to national saving was from:
A. the government budget deficit. B. the public sector. C. household saving. D. business saving.
The goal of the Single European Act (or Europe 1992 initiative) is to
A) develop uniform product standards for all EU countries. B) remove nontariff barriers to trade between EU countries. C) deregulate economic activities in transportation and financial services. D) All of the above.
The case for advertising includes the idea that
A. firms spend large sums of money to create meaningless differences among products. B. it adds to society's scarce resources. C. it creates wants that otherwise would not have existed. D. it can promote competition.
The data in the tables below suggest that production in:
Autos and chemicals are in million of units in the following production possibilities tables:
A. Germany is subject to increasing opportunity costs and the United States to constant opportunity costs
B. The United States is subject to increasing opportunity costs and Germany to constant opportunity costs
C. Both Germany and the United States are subject to constant opportunity costs
D. Both Germany and the United States are subject to increasing opportunity costs