Which of the following best explains why making air travel completely safe is not efficient?
a. After some level of safety is reached, making airplanes even safer is not worth the opportunity cost that would be incurred.
b. Because one can't put a price on human life, airplane safety generally doesn't matter economically.
c. The benefit from additional airplane safety will generally rise as airplanes are made safer, more than offsetting the opportunity cost involved.
d. The question is misleading--making airplanes safer is always efficient.
A
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Use the following table to answer the question below.Giovanni's Production Possibilities ScheduleJorge's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160032040120202408080401601204060801600800If Giovanni produces 40 pounds of green beans and Jorge produces 80 pounds of corn, then the total amount of green bean production equals ________ and the total amount of corn production equals ________. If Giovanni and Jorge specialize in their respective low-cost good, then the total pounds of green bean production equals ________ and the total pounds of corn production equals ________.
A. 200, 100; 320, 160 B. 100, 200; 160, 320 C. 100, 200; 320, 160 D. 200, 100; 160, 320
Which of the following statements is false?
A) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. B) Anytime you have to decide which action to take you are facing an economic trade-off. C) Economics is a social science that studies the trade-offs we are forced to make because of scarcity. D) Every individual, no matter how rich or poor, is faced with making trade-offs.
Impure public goods
A. are nonrival in consumption. B. cannot be priced in the market. C. are rival in consumption. D. are never provided by the private sector.
What is the fallacy of composition? Give an economic and a non-economic example
Please provide the best answer for the statement.