Refer to the diagram that applies to a private closed economy. The APC is equal to 1 at income level:
A. J.
B. M.
C. H.
D. G.
D. G.
You might also like to view...
What is the distribution of the world's population between the developed nations and developing nations? What is the distribution of income between these two groups and their consumption as a percentage of world income?
What will be an ideal response?
Private solutions to the problem of externalities are most likely when
A) transactions costs are low and the number of bargaining parties is small. B) transactions costs are low and the monetary damages to third parties are high. C) government actively encourages these solutions. D) transactions costs are low and the number of bargaining parties is large.
In Samoa the opportunity cost of producing 1 coconut is 4 pineapples, while in Guam the opportunity cost of producing 1 coconut is 5 pineapples. In this situation: a. if trade occurs, both countries will be able to consume beyond their original production possibilities frontiers. b. Guam will be better off if it exports coconuts and imports pineapples
c. both Samoa and Guam will be better off if Samoa produces both coconuts and pineapples. d. mutually beneficial trade cannot occur.
List a few of the characteristics of workers who typically earn at or below the minimum wage