Which one of the following benefits would be most difficult to quantify accurately using economic valuation?
A) The benefits of a ski resort to skiers
B) The benefits of harvesting trees to a timber company
C) The benefits of biodiversity to indigenous people
D) The benefits of health insurance
E) The benefits of technological improvements
Ans: C) The benefits of biodiversity to indigenous people
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The term factor of production refers to
A. Labor only. B. Factories and machinery only. C. Only those goods that are produced and then used to produce other goods and services. D. Any resource input used to produce goods and services.
The assumption that "other things are constant" is also known as the
A. distinguishing characteristic of economics as a science. B. ceteris paribus assumption. C. relationships assumption. D. rational self-interest assumption.