Who won the Bet the Planet wager? O a. Donald Trump b.Ronald Reagan c.Julian Sim
ID: 1140739 • Letter: W
Question
Who won the Bet the Planet wager? O a. Donald Trump b.Ronald Reagan c.Julian Simon d.Paul Ehrlich QUESTION 37 The theory behind Bet the Planet" was: O a. metals prices had nothing to do with metal availability. o b. if the real price of metals increased over the 1980-1990 decade, it indicated the availability of metals were increasing. O c. if the real price of metals increased over the 1980-1990 decade, it indicated we were exhausting the metals. d. if the real price of metals decreased over the 1980-1990 decade, it indicated we were exhausting the metals. QUESTION 38 The marginal product of labor is defined as: a. the additional output generated by hiring an additional unit of capital o b. the additional output generated by hiring an additional unit of labor and capital o c. the additional revenue generated by hiring an additional unit of labor o d.the additional output generated by hiring an additional unit of labor e.output divided by laborExplanation / Answer
Question 36
"Bet the Planet" wager was a wager between biologist Paul Ehrlich and economist Julian Simon fixed in 1980.
In this wager, they have chosen five metals and Ehrlich has predicted that prices of these five metals will increase over the coming ten year period. On the other hand, Simon has predicted that prices of these five metals will decrease.
Over the ten year period, price of these five metals, indeed, declined.
So,
Julian Simon won the "Bet the Planet" wager.
Hence, the correct answer is the option (c).
Question 37
The theory behind, "Bet the Planet" was that population growth will increase the per capita consumption of metals leading to the rapid increase in demand for metals which in turn will lead to increase in their price.
This increase in price indicates that world is exhausting its finite quantity of metals.
Hence, the correct answer is the option (c).
Question 38
Marginal productivity of labor implies the increase in total output when one more unit of labor is employed.
Hence, the correct answer is the option (d).
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