The economist who recognized that lags in policy can explain the difficulty in conducting monetary policy was

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

In autarky, when a community maximizes its standard of living, its consumption point is

A) below the production possibility frontier. B) on the production possibility frontier. C) above the production possibility frontier. D) can't tell without more information.