As a competitive economy uses its stocks of a depletable resource,
a. the resource price will fall by ever greater amounts each year.
b. the resource price will rise by ever greater amounts each year.
c. the use of the resource will increase at an increasing rate.
d. resource use will drop to zero.
b
Economics
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Consider two individuals, Nigel and Mia, who produce hair pins and bandanas. Nigel's and Mia's hourly productivity are shown in Table 3.3. Nigel's opportunity cost of producing one bandana is
A) 1/4 of a hair pin. B) 2/5 of a hair pin. C) 2.5 hair pins. D) 4 hair pins.
Economics
Which of the following are not subsets of the ability-to-pay principle?
a. horizontal equity b. vertical equity c. diagonal equity d. beneficial equity
Economics