Consider the production possibilities frontier displayed in the figure shown. Which of the following combinations could not be produced?
A. (20 watermelons, 400 bushels of apples)
B. (15 watermelons, 100 bushels of apples)
C. (10 watermelons, 150 bushels of apples)
D. (0 watermelons, 400 bushels of apples)
A. (20 watermelons, 400 bushels of apples)
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Indicate whether the statement is true or false
Around 50 percent of elementary and secondary educational expenditures are still financed at the local level
a. True b. False
Figure 5-3
illustrates the market for a product that generates an external benefit. D1 is the private market demand curve, while D2 is the demand curve including the external benefit. Which of the following is true?
a.
Relative to economic efficiency, output of the good will be too large and the price too low.
b.
Relative to economic efficiency, output of the good will be too large and the price too high.
c.
Relative to economic efficiency, output of the good will be too small and the price too low.
d.
Relative to economic efficiency, output of the good will be too small and the price too high.
In 2007, the Fed engaged in inflation targeting when it lowered the interest rate in anticipation of a recession.
Answer the following statement true (T) or false (F)