Unformatted text preview: ow economists define value.
Only valuable if someone in the society gets utility from the existence of the
21. The model/theory generated the prediction that George knows calculus but not algebra.
Which set of the following assumptions mostly likely generated this prediction.
A) Assume George is alive. Assume no living person knows algebra.
B) Assume only God knows algebra. Assume George is not God. Assume everyone
who's name starts with "G" knows calculus
C) Assume everyone know calculus. Assume God does not go by the name of George.
Assume God knows algebra
D) Assume George never took an algebra course. Assume it is impossible to know
algebra unless you have taken an algebra course.
22. If society's allocation of resources and distribution of goods is efficient, it still might be
possible to increase the production of good X without decreasing the production of any
23. The benefit to society of an additional unit of a public good is the net benefits to all
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