(Last Word) According to economist Donald Boudreaux, the world's tens of billions of individual resources get arranged productively:
A. because government has become highly effective at central planning.
B. because private property encourages people to consider the alternative uses of their
resources and select those that provide the most rewards.
C. because people tend to be creative and orderly.
D. through random trial and error.
Answer: B
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Using the above table, the marginal utility for the sixth glass of water is
A. 260 utils. B. 255 utils. C. -5 utils. D. 5 utils.
When a collective consumption good become congested _____
a. nothing happens b. it moves closer towards being a purely private good c. free riding becomes more of a problem d. exclusion becomes impossible
Big Woods is a lumber firm that sells plywood sheets to local builders. If the annual holding cost of a sheet of plywood is $6 and the managers of Big Woods order 1,000 sheets of plywood, what is the total annual carrying costs of the inventory?
A) $3,500 B) $7,000 C) $3,000 D) $6,00
According to the principle of Rawlsianism:
A. society should place equal weight on the well-being of every individual. B. society should place all weight on the well-being of its worst-off member. C. society should place all weight on the well-being of its best-off member. D. equal division of society's resources among all members of the population is the most equitable outcome.