In the table above, which method is NOT technologically efficient?
A) A
B) B
C) C
D) D
D
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Which of the following is (are) likely to cause the marginal product of an input to decrease?
A) an increase in the real price of the input B) a decrease in the quantity of the input used in production C) technological advances D) all of the above E) none of the above
The introduction of seat belts increased the number of accidents, even though the number of fatalities decreased. This is most likely a result of
a. Moral hazard b. Adverse selection c. seat belts distracting drivers d. None of the above
When the benefits of an activity are received by those who are not directly involved in it, _____
a. a negative externality exists b. the government is producing a free good c. resources are being used in their highest-valued activity d. the government has to compensate for the loss in social welfare e. a positive externality exists
All else equal, an increase in demand will cause an increase in producer surplus
a. True b. False Indicate whether the statement is true or false