The difference between the marginal social cost and the private cost of a common property resource represents:
A) the social discount rate.
B) a deadweight loss.
C) is generally negative because the people who use the resources assign higher value to them than other members of society.
D) the opportunity cost of reducing the resource by one unit for other members of society.
D
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Which of the following statements is true of British colonies set up in areas of Mexico, Guatemala, and Bolivia?
A) Most of the major political decisions were taken by the natives. B) The institutions set up were mostly inclusive. C) The natives had well-defined property rights. D) The natives were forced to work in mines and agricultural estates.
Demand-pull inflation is more likely to occur when the economy is producing at maximum capacity
a. True b. False Indicate whether the statement is true or false
If the economy were producing at point E and moved to point B the opportunity cost in terms of lost production of outboard motors would be
A. 16 units of outboard motors.
B. 14 units of outboard motors.
C. 12 units of outboard motors.
D. 10 units of outboard motors.
Choice architecture can:
A. help people make better choices without eliminating free choice. B. make it easier for people to make choices that will make them happier in the long run. C. alter actual decisions and thus the ultimate outcomes. D. All of these statements are true.