Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced.
B. overallocation of resources.
C. an impossible production point.
D. technological advancement.
Answer: A
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If Sabrina exchanges dollars for Japanese yen, she
a. causes the balance of payments to become unbalanced, in the short run b. engages in arbitrage c. supplies yen on the foreign exchange market d. supplies dollars on the foreign exchange market e. first demands dollars then uses them to buy Japanese goods which can be converted into yen
Which economist said, "This focus on distribution makes the significance of distributional issues (transfer issues) in political life relatively greater and the significance of widespread common interest in political life relatively smaller."?
A) John Maynard Keynes B) Milton Friedman C) David Friedman D) Mancur Olson E) David Ricardo
If society were to maximize the utility of its worst-off member, the final allocation would most likely be
A) relatively egalitarian. B) on the contract curve. C) Pareto efficient. D) one in which one person gets everything.
A market that involves only one seller of a good or service is known as
a. a monopoly b. perfect competition c. monopolistic competition d. an oligopoly e. perfect monopolistic competition