If the U.S. government starts to sell off its stockpile of cheese,
a. consumers will be less willing to purchase cheese.
b. the equilibrium quantity demanded will rise.
c. farmers will hoard the cheese they produce.
d. the quantity of cheese that spoils before sale will rise.
b
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Use the following production possibilities frontiers to answer the next question.
Curve (a) is the current frontier for the economy. Focusing on curve (a), point N suggests that the economy currently produces
A. less goods for the future than at point P. B. more goods for the future than at point P. C. less goods for the present than at point P. D. a combination of output that is less than its potential.
In the above figure, when the efficient quantity is produced the marginal social benefit of the last magazine is
A) $1. B) $3. C) $5. D) some amount not given in the above three answers.
According to some economists, the private sector is more efficient than the public sector mainly because:
A. the private sector has a clear test of performance: profit and loss. B. wages, salaries, and fringe benefits are higher in the private sector. C. worker turnover is higher in the public sector. D. of extensive negative externalities in the public sector.
Refer to the information provided in Figure 13.1 below to answer the question that follows.
Figure 13.1Refer to Figure 13.1. The demand curve facing an individual producer of wheat is most likely represented by
A. Panel A. B. Panel B. C. Panel C. D. Panel D.