If a resource can be put to a single use and has no alternative uses then:
a. economic rents are zero.
b. transfer earnings are maximized.
c. total earnings are zero.
d. all earnings are economic rents.
e. all earnings are transfer earnings.
d
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For resource use to be allocatively efficient, when the marginal benefit of a slice of pizza exceeds the marginal cost,
A) more slices of pizza should be produced. B) fewer slices of pizza should be produced. C) no more slices of pizza should be produced. D) allocative efficiency is reached only if the marginal benefit exceeds the marginal cost by as much as possible. E) None of the above answers is correct.
Which of the following distinguishes industrially advanced countries from less-developed countries?
a. GDP per capita. b. Educational attainment of the workforce. c. Extent to which capital is technologically advanced. d. All of the above.