Refer to the information provided in Figure 1.7 below to answer the question(s) that follow.
Figure 1.7Refer to Figure 1.7. At Point A the slope of the line is 0.67, so at Point C the slope would be
A. greater than 0.67.
B. equal to 0.67.
C. less than 0.67.
D. indeterminate from this information.
Answer: B
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Questions of what to produce, how much to produce, and who will get the output must be faced by
a. market economies. b. centrally planned economies. c. the economies of underdeveloped countries. d. all economies.
In the early 2000s, Chinese officials indicted members of a forgery syndicate that sold several hundred diplomas to high school graduates who needed the diplomas to take employment tests. This situation, where having the certificate of knowledge is more important than the knowledge itself, is known as:
A. the brain drain. B. human capital. C. certification. D. credentialism.
Marginal revenue for a monopolist is:
A. greater than price. B. equal to price. C. the change in total revenue plus the change in output. D. less than price.
A type of public policy set in response to rising prices of a basic necessity, such as food, might be:
A. to subsidize the price of those goods. B. to hire more producers of those goods. C. to make it illegal to charge higher prices for those goods. D. All of these are ways government can try to address rising prices of a basic necessity.