For an economy to produce at a point beyond its current ppf, the economy must
A. reduce inputs.
B. be more efficient.
C. waste less.
D. increase its resource base.
Answer: D
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Quantity demanded means
A) demand. B) the amount of a good customers need. C) the amount of a good customers ultimately desire. D) the amount of a good customers plan to purchase at a given price. E) the amount of a good suppliers plan to sell.
Because of the ________ of vaccinations, economic efficiency would be improved if more people were vaccinated
A) positive externality B) moral hazard C) adverse selection D) negative externality
Which of the following is most subject to the lemons problem?
A) credence goods B) homogeneous goods C) search goods D) inferior goods
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.