The two basic reasons why economists often appear to give conflicting advice to policymakers are differences in
a. opinions and education.
b. opinions and values.
c. scientific judgments and education.
d. scientific judgments and values.
d
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The above figure shows the production possibility frontier for a country. What is the opportunity cost to move from point D to point E?
A) 6 thousand bottles of wine B) 15 thousand bottles of wine C) 6 tons of rice D) 9 thousand bottles of wine E) Nothing, it is a free lunch.
In the short run, average fixed cost is constant as output increases
Indicate whether the statement is true or false
Why do firms in a monopolistically competitive industry advertise?
What will be an ideal response?
A distribution of goods is inefficient:
a. only when an economy is producing inside its production possibility frontier. b. only when an economy is producing at the wrong point on the production possibility frontier. c. either when an economy is producing inside the production possibility frontier or when an economy is producing at the wrong point on the production possibility frontier. d. when the economy is producing at the optimal point on the production possibility frontier.