Diminishing marginal returns and diseconomies of scale are two different names for the same thing
Indicate whether the statement is true or false
FALSE
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Allocative efficiency is achieved when the production is such that
A) the marginal benefit exceeds the marginal cost by as much as possible. B) marginal cost equals zero. C) marginal benefit is equal to marginal cost. D) the production point is on the PPF. E) None of the above is true.
The Arrow impossibility theorem
A) explains why it is impossible, in most cases, to eliminate special-interest legislation after it has become law. B) explains why people can be rational as well as ignorant at the same time. C) explains why candidates for public office must represent the preferences of the political middle. D) explains why voting systems do not consistently represent the preferences of voters.
If the consumer price index (CPI) was 125 at year-end of 2008 and 132.5 at year-end 2009, inflation during 2009 was
a. zero; prices were stable during 2009. b. 6.0 percent. c. 7.5 percent. d. 12.5 percent.
Which of the following is FALSE?
A) Social costs do not include private costs. B) Private costs do not include external costs. C) If social costs are greater than private costs, "too much" of a good is being produced. D) Pollution is a social cost.