The problem of the commons arises because ________ exceeds ________ when the resource is used
A) marginal social cost; marginal private cost
B) marginal private benefit; marginal social benefit
C) marginal private benefit; marginal private cost
D) marginal private cost; marginal social cost
A
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If a person completely smooths consumption over his lifetime, then consumption is best represented by which of the following?
A) wealth / the number of years the person expects to live B) lifetime income / the number of years the person expects to work C) (wealth + lifetime income) / the number of years the person expects to live D) (wealth + lifetime income) / the number of years the person expects to work
Using a Paasche index to calculate the Consumer Price Index (CPI)
A) weights quantities with current prices. B) weights prices with base-year quantities. C) weights quantities with base-year prices. D) weights prices with current year quantities.