Productive inefficiency implies that
A) it is possible to obtain gains in one area without losses in another.
B) it is impossible to obtain gains in one area without losses in another.
C) there are too many resources.
D) there are too few resources.
E) none of the above
A
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Consider the stock of ocean tuna which is massively overfished. It is rational for an individual to exploit the resource rather than to conserve the stock because
A) the marginal private benefit of harvesting tuna is lower than the marginal social benefit of harvesting it. B) the marginal private cost of harvesting the fish is lower than the marginal social cost. C) the marginal social cost of harvesting the fish is lower than the marginal private cost. D) the marginal private benefit of harvesting tuna is higher than the marginal social benefit of harvesting it.
The Services sector has been steadily rising in relative importance in GDP of the United States, as well as elsewhere around the world. Since "services" have been identified as "non-tradable"
(e.g., it is difficult to export haircuts), it may be argued that this trend will likely slow the rapid growth in international trade. Discuss.
In Japan most garbage is
a. either recycled or burned b. recycled c. burned d. deposited in landfills e. used for fuel
The value of the expenditure multiplier depends on the marginal propensity to consume
a. True b. False Indicate whether the statement is true or false