Productive efficiency implies
What will be an ideal response?
the impossibility of gains in one area without losses in another.
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A fundamental problem in international economics is how to produce
A) a perfect degree of monetary harmony. B) an acceptable degree of harmony among the international trade policies of different countries. C) a world government that can harmonize trade and monetary policies D) a counter-cyclical monetary policy so that all countries will not be adversely affected by a financial crisis in one country. E) a worldwide form of currency.
Corrective taxes are often difficult to implement because _____
a. those affected by the externality are often loathe to use political means to implement the tax b. those creating the externality threaten to shut down c. those who suffer from the externality refuse to talk about it d. the creator of an externality will use political means to try to prevent the tax
_____ is the rate at which a person is willing to trade one good for another so that his total utility remains the same
a. Marginal propensity to consume b. Marginal propensity to save c. Marginal rate of substitution d. Marginal rate of return
Increases in the productivity of labor result partly from:
A. the law of diminishing returns. B. improvements in technology. C. reductions in wage rates. D. increases in the quantity of labor.