Refer to Figure 2-3. Sergio Vignetto raises cattle and llamas on his land. His land is equally suitable for raising either animal. Which of the graphs in Figure 2-3 represent his production possibilities frontier?
A) Graph A
B) Graph B
C) Graph C
D) either Graph A or Graph C
E) either Graph B or Graph C
A
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The standard of living in an economy is best measured by:
A. output per person. B. total output. C. average labor productivity. D. the inflation rate.
Olives are used to produce olive oil. If the price of olives increases
A) the supply of olive oil decreases. B) the supply of olive oil increases. C) the demand for olive oil decreases. D) the demand for olive oil increases.
Figure 11-1
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In Figure 11-1, a cost-reducing technological breakthrough in calculator production would cause which movement?
A. A to D B. A to C C. A to B D. A to E
If your income increases from $10,000 per year to $14,000 per year and your tax payment increases from $2,000 to $2,840, the marginal tax rate:
A. Is 20 percent B. Is 21 percent C. Is 25 percent D. Cannot be determined from the given data