How do we describe it when a person who's 45 years old saves a large amount of her income for retirement?
Answer: Consumption smoothing
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If pollution coming from factories is bad, then why would the socially optimal level of pollution not be zero?
A. because there are significant social costs of achieving zero pollution B. because there are significant social benefits from attaining zero pollution C. because the factories are privately owned in a market system D. because there are zero benefits from zero pollution
Which of the following is a source of market power for a monopolist?
a. a firm may have a patent or copyright b. a firm may control critical resources c. a firm may have a government-authorized franchise d. a firm may enjoy economies of scale e. all of the above are sources of market power for a monopolist
A curve that shows the cost to the firm of hiring an additional unit of a resource is known as a
a. marginal product curve b. marginal revenue product curve c. total revenue product curve d. marginal revenue curve e. marginal resource cost curve
When an economy is producing at its potential level of output:
A. cyclical unemployment is not occurring. B. frictional unemployment is not occurring. C. structural unemployment is not occurring. D. there is no unemployment.