Effective cooperation among the members of a commercial society is more likely when
A) economic decisions are placed in the hands of democratically-elected committees.
B) everyone's income is approximately the same.
C) people produce for use rather than for profit.
D) prices do not change in response to temporary changes in circumstances.
E) property rights are clearly defined.
E
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Medical research that results in a cure for a serious disease produces positive externalities. What is the impact of this positive externality on economic efficiency?
A) At equilibrium, less than the economically efficient quantity of medical research is produced. B) At equilibrium, more than the economically efficient quantity of medical research is produced. C) A deadweight loss occurs because at equilibrium the marginal social cost of medical research is greater than the marginal social benefit. D) A deadweight loss occurs because at equilibrium the marginal social cost equals the marginal social benefit.
What is the ratio that defines labor productivity?
A) (Y/N) B) (Y/Q) C) (Y/A) D) (Y/K)