In the Central Utah Project, the water delivered from dams to users
a. is very well utilized, because planners allocated water to its highest valued uses and users.
b. cannot generally be traded, so is often wastefully used in low-valued uses.
c. is often sold to water-short cities by farmers who can then enjoy a profit from the sale.
d. is very expensive to the users who get it.
B
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Refer to Figure 11-16. The figure above illustrates a series of isoquants. Which of the following statements is true?
A) Points z and y represent the same output; this output is produced with more capital at z than at y. B) Point z represents a greater output than point x or point y. C) Points x, z, and y all represent the same output. D) Point x and y represent the same output but the cost of production at y is greater than the cost of production at x.
What famous economist said, "By pursuing his own interest he (an individual) frequently promotes that of the society more effectually than when he really intends to promote it?"
a. Alfred Marshall. b. Adam Smith. c. Karl Marx. d. Robert L. Heilbroner.