Refer to the above figure. If the farmer is growing 8,000 bushels of beans and 8,000 bushels of wheat, then we know that
A) the farmer is not using resources efficiently.
B) the farmer is using more land for wheat than for beans.
C) the farmer should increase the amount of wheat grown and reduce the amount of beans.
D) the farmer cannot be using the amount of land that was used to construct the curve.
A
You might also like to view...
If the cross-price elasticity of demand for a good is estimated at -3.9, estimate the percentage change in quantity demanded of the good when the price of the related good increases from $30 per unit to $75 per unit
Also, if it is known that the income elasticity of demand for the same good is 2.5, estimate the percentage change in demand if consumer income increases from $100 to $300.
The airline and trucking industries are two examples of industries that were regulated because they were natural monopolies
Indicate whether the statement is true or false
Refer to the above figures. Which panel represents the expected relationship between tax revenue and the sales tax rate if dynamic tax analysis is used?
A) Panel 1 B) Panel 2 C) Panel 3 D) Panel 4
Since the 1950s, total expenditures in the United States nearly tripled to about 60 percent of GDP
a. True b. False Indicate whether the statement is true or false