A person who lives in a good-climate city says, "It's expensive to live here, but at least the climate is free." In terms of a theory advanced in the textbook, this person has either forgotten or is unaware that
A) New York City is not a good-climate city and it is expensive to live there. In other words, not all good-climate cities are expensive and not all bad-climate cities are cheap.
B) part of the reason it's expensive to live in the city is because of the good climate.
C) good-climate cities have more outdoor entertainment entities and activities and therefore people have to pay higher taxes to support those entities and activities.
D) there is a sunshine tax in most of the country - the more hours of sunshine a day, the higher the tax.
E) none of the above
B
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Which of the following correctly lists the three fundamental economic questions?
a. If to produce? Why to produce? When to produce? b. If to produce? What to produce? How to produce? c. Why to produce? What to produce? How to produce? d. What to produce? How to produce? For whom to produce?
Technological knowledge refers to
a. human capital. b. available information on how to produce things. c. resources expended transmitting society's understanding to the labor force. d. All of the above are technological knowledge.