The marginal social benefit (MSB) of abatement represents
a. the additional gains to society from reducing pollution
b. the reduction in damages from abatement
c. society's demand for abatement or environmental quality
d. all of the above
d. all of the above
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Scott and Cindy both produce only pizza and tacos. In one hour, Scott can produce 20 pizzas or 40 tacos. In one hour, Cindy can produce 30 pizzas or 40 tacos. Based on these data,
A) Cindy has a comparative advantage at producing tacos. B) Scott has a comparative advantage at producing tacos. C) Cindy and Scott have the same comparative advantage in producing tacos. D) neither Cindy nor Scott has a comparative advantage in producing tacos. E) Cindy and Scott have the same comparative advantage in producing pizzas.
Economics is best defined as the study of how people, businesses, governments, and societies
A) choose abundance over scarcity. B) make choices to cope with scarcity. C) use their infinite resources. D) attain wealth.