Countries tend to use the labor processes that ______.
a. they have had the longest
b. take advantage of their most plentiful resources
c. utilize their most expensive resources
d. rely on their most scarce resources
b. take advantage of their most plentiful resources
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If there is no external cost, then marginal social cost
A) increases as output increases. B) decreases as output increases. C) is constant regardless of the level of output. D) is unrelated to output levels. E) first increases and then decreases as output increases.
According to classical economists, if the amount of funds households save is greater than the amount of funds firms invest, then
A) the interest rate will fall, ultimately moving to a level where the amount of funds households plan to save equals the amount of funds firms plan to invest. B) the interest rate will rise, ultimately moving to a level where the amount of funds households plan to save equals the amount of funds firms plan to invest. C) the interest rate will remain constant and people will simply buy more goods. D) more money will he used for leisure purposes, since households save in order to consume leisure at some later time. E) none of the above