The classical theory was developed in the late 18th and early 19th centuries
A) and cannot be explained using the modern tool of the productivity function.
B) and therefore is not accepted today.
C) and still applies to the most developed nations today, though not to the less developed nations.
D) and has proponents today who fear population growth and overpopulation.
E) during a time of population decline.
D
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Which of the following is an example of market "production," as used by economists?
A) Katrina works as a cashier at the local produce stand. B) Heidi makes a pizza for her family's dinner. C) Garvey takes out a low-cost government loan to start his pet-sitting business. D) The theatre and film studies department in Fine Art's College stages a play at the local theatre.
The optimal level of pollution is
a. zero b. the level at which the marginal social cost of air quality equals the marginal social benefit c. the level at which the average social cost of air quality equals the average social benefit d. the level at which the total social cost of air quality equals the total social benefit e. the level at which the marginal social cost of air quality is minimized