A point outside a society's production possibilities curve is one that is
A) unattainable given the resources of the society.
B) technologically inefficient.
C) undesirable given the implied underemployment of resources.
D) desirable since it satisfies the desires of the population.
A
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A dry cleaner currently has 10 workers and 4 machines. The workers' wage rate is $300 per worker and the rental rate for a machine is $500. The last worker added 600 units to total output and the last machine also added 600 units to total output, and the last machine also added 600 units to total output. If the dry cleaner uses 11 workers and 3 machines instead, then
A. cost will be unchanged and output will decrease by 200 units. B. cost will be unchanged and output will increase by 300 units. C. output will be unchanged and cost will decrease by $200. D. output will be unchanged and cost will decrease by $500. E. none of the above
Money functions as a store of value if it allows you to:
Delay purchases until you want the goods Measure the value of goods in a reliable way Increase your confidence in money Make exchanges in a more efficient manner
The Robinson-Patman Act outlawed predatory pricing.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 28.7 below to answer the question(s) that follow.
Figure 28.7Refer to Figure 28.7. If the economy is at Point A, the cost of raw material increased dramatically, and the aggregate demand did not change, the economy could move to Point
A. A. B. B. C. E. D. D.