Answer the following statements true (T) or false (F)
1. The quantity or supply of land resources available to a nation is pretty much fixed and cannot increase over time.
2. Entrepreneurship refers to a new college graduate who is looking for a job with a large company.
3. If economic resources were perfectly adaptable to alternative uses, then there would be constant opportunity costs along the production possibilities curve.
4. If the marginal benefits are greater than the marginal cost of an activity, then society should allocate fewer resources to this activity.
1. Answer: False
2. Answer: False
3. Answer: True
4. Answer: False
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Because education generates a positive externality, ______
A. everyone who wants a college education should get one B. graduates' marginal benefit exceeds the society's value of the educa-tion C. the quantity of education undertaken will achieve the social interest if it is free D. subsidies to colleges or vouchers to students are means of achieving the efficient number of graduates
The Japanese banking system went through a cycle of ________ in the 1990s similar to the one that occurred in the U.S. in the 1980s
A) regulatory forbearance B) policy antagonism C) regulatory ignorance D) policy renewal
The Sherman Antitrust Act makes cartels illegal in the United States
a. True b. False Indicate whether the statement is true or false
If water quality law prevents the achievement of the efficiency criterion
a. that law must be repealed b. a “second-best” economic solution is to identify cost-effective policy initiatives c. cost-effectiveness is also prevented d. polluting sources should abate up to the point where total social benefits are maximized