When calculating the costs of environmental cleanup, what factors should be taken into consideration?
What will be an ideal response?
For a specific environmental cleanup project, you want to weigh the marginal costs of the project against the marginal benefits. The costs of cleanup can include job losses, costly equipment upgrades, less output, and higher consumer prices. However, if we compare the total cost of cleanup with the size of the U.S. economy, the costs seem more feasible.
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Many people have bemoaned the fact that hand-written personal letters have become largely a thing of the past
They have also noted that the number of emails they receive have increased quite dramatically and can hardly be compared to the volume of letters that they used to receive by mail. Explain in terms of opportunity cost why this might be the case. Explain why junk email is probably more of a problem than traditional junk mail delivered to our mail box.
Specialization of labor means that: a. production requires a special kind of labor
b. the overall skill level of labor is increasing over time. c. individuals produce goods that they are relatively good at producing and trade for those that they do not produce. d. individuals achieve self-sufficiency in production by producing all the goods that they require. e. exchange within the economy consists of trading in services.