At which point is society producing some of each type of structure but still producing inefficiently? (See Figure 1.1.)
A. A.
B. B.
C. C.
D. D.
Answer: C
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Use the following graph to answer the next question.
What is the profit-maximizing quantity of output for this pure monopoly?
A. 0A B. 0D C. 0C D. 0B
Which of the following statements is TRUE?
A) Labor is always a variable input. B) Capital is always a fixed input. C) Materials are always variable inputs. D) None of the above.
Economics is often described as a science of constrained choice. How do you justify this argument?
Official data may overstate the extent of poverty because
a. poverty is a relative as opposed to an absolute concept. b. it does not add "in-kind" transfers to the incomes of the poor. c. it overstates the taxes paid by the poor. d. it overestimates the amount the poor earn in the "underground economy."