Assume That the Average Rate of 1- Km Sized Asteroids

question 61

Multiple Choice

Assume that the average rate of 1- km sized asteroids hitting the Earth is about 1 every million years. The chance of the Earth being hit by a 1- km sized asteroid in the next 100 years is about:

• A)inevitable, it has to happen sometime.
• B)zero.
• C)one in ten thousand.
• D)one in a million.
• E)one in 100 million.

---

Definitions:

Economic Adjustments

Shifts in economic policies or market conditions that lead to changes in allocation of resources, production, and pricing.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, and firms make no economic profit or loss over time.

Marginal Cost

The enhanced cost due to the creation of one more unit of a product or service.

Least-Cost Combination

is an economic principle where firms seek to produce a given level of output at the minimum cost by choosing the optimal mix of inputs or factors of production.