Which of the following is infrastructure?
a. Highways. b. Bridges.
c. Airports. d. All of these.
d
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The production possibilities curve (PPC) illustrates economic growth by a(n)
A) bowed-out shape of the PPC. B) outward shift of the PPC. C) inward shift of the PPC. D) movement along the PPC.
Ingrid has been waiting for the show "Mamma Mia!" to come to town. When it finally does come, tickets cost $60. Ingrid's reservation price is $75. But when Ingrid tries to buy a ticket, they are sold out. Suppose Steven was able to purchase a ticket at the box office for $60. Steven's reservation price for the ticket is $65. If Steven attends "Mamma Mia!" and Ingrid does not, then this situation is:
A. efficient because Steven arrived at the ticket counter before the show was sold out. B. inefficient because Ingrid would have enjoyed the show too. C. efficient because Steven paid less for the ticket than his reservation price. D. inefficient because Steven and Ingrid could have made a mutually beneficial trade.
Answer the question on the basis of the following two schedules, which show the amounts of additional satisfaction (marginal utility) that a consumer would get from successive quantities of products J and K.
Units of J MUj Units of K MUk
1 56 1 32
2 48 2 28
3 32 3 24
4 24 4 20
5 20 5 12
6 16 6 10
7 12 7 8
The system of measurement for expressing macroeconomic data is called
A. national income accounting. B. balance of payment accounting. C. generally accepted accounting principles. D. double entry bookkeeping.