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Author Question: Which of the following best describes scarce resources? A) Resources that most people cannot ... (Read 154 times)

lak

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on: Jun 29, 2018
Which of the following best describes scarce resources?
 
  A) Resources that most people cannot afford to buy
  B) Resources that can only be distributed efficiently by the government
  C) Resources for which the quantity demanded is the same for all economic agents
  D) Resources for which the quantity that people want exceeds the quantity that is freely available

Question 2

If the marginal benefit of a good exceeds its marginal cost
 
  A) we've achieved efficient resource use.
  B) we should produce more to achieve the allocatively efficient use of resources.
  C) we should produce less to achieve the allocatively efficient use of resources.
  D) we cannot tell if more or less should be produced to achieve the allocatively efficient use of resources.
Macroeconomics ¦ Acemoglu, Laibson, List ¦ 3rd Edition
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heyhey123

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Reply #1 on: Jun 29, 2018
Answer to Question 1

D

Answer to Question 2

B


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