Which point would represent an unattainable combination of resources?
A. Point A
B. Point D
C. Point C
D. Point E
A. Point A
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Is it possible to have a production function that exhibits both a diminishing marginal product of labor and constant returns to scale? Explain
What will be an ideal response?
Benefits today cannot be directly compared with costs in the future because:
A. money today is worth more than money in the future. B. people do not have perfect willpower and will waste money today. C. investments aren’t always profitable. D. more information is needed to make investment decisions than is typically available.
The maximum contaminant level (MCL) for a drinking water contaminant
a. is not enforceable b. is set using benefit-cost analysis since the enactment of the 1996 SDWA amendments c. is solely benefit based like the maximum contaminant level goals (MCLGs) d. is set to maximize the total social benefits (TSB) of abating that contaminant
Under a gold standard, if the market price of gold is below the official price of gold (set by the monetary authority) members of the public would likely buy gold _______________ and sell it __________________, causing the market price of gold to ____________________
A) from the monetary authority; in the gold market; fall B) from the monetary authority; in the gold market; rise C) in the gold market; to the monetary authority; fall D) in the gold market; to the monetary authority; rise