In the above figure, what is the efficient quantity of hot dogs to produce?
A) 2 thousand per day
B) 4 thousand per day
C) 6 thousand per day
D) The efficient quantity cannot be determined without knowing the PPF for this economy.
B
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A global network that provides knowledge and resources to developing countries is called the:
A. International Resource Fund. B. World Bank. C. World Trade Organization. D. United Nations Development Program.
If the government set a price ceiling of 50 cents for a gallon of gasoline, the most likely consequence would be
A. a surplus of gasoline. B. the demand for automobiles fall. C. shipping costs rise. D. a shortage of gasoline.
When something of value has no price attached to it,
a. externalities will be present. b. production of the product has no cost. c. government should not intervene to produce the product. d. private companies will eventually produce the product, and the good will no longer be free.
A good that is not scarce
A. is not in demand. B. would have a vertical supply curve over the relevant range. C. would have a zero price. D. would have an infinite price.