Which of the following statements is true of growth in the U.S. economy from 1950 to 2007?
A) Growth resulting from physical capital > growth resulting from technology > growth resulting from human capital
B) Growth resulting from technology > growth resulting from physical capital > growth resulting from human capital
C) Growth resulting from human capital > growth resulting from technology > growth resulting from physical capital
D) Growth resulting from technology > growth resulting from human capital > growth resulting from physical capital
B
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The above figure shows the marginal social benefit and marginal social cost curves of coffee in the nation of Kaffenia. Which of the following would result in the quantity of coffee in Kaffenia differing from the efficient quantity?
A) The existence of a single producer and seller of coffee. B) The existence of many producers and sellers of coffee. C) Damage to the environment from fumes emitted by coffee beans. D) Both answers A and C are correct.
The price of admission to Walt Disney World
A) is the same for everyone. B) is kept low to attract customers, but prices of food and souvenirs inside the park vary by your age, address and other factors. C) can vary by your age and address. D) is determined by the weather on the day of admission.