About one out of every _______ whites is poor.
Fill in the blank(s) with the appropriate word(s).
12
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A nation can produce two products: tanks and cars. The table below is the nation's production possibilities schedule:Production Possibilities ScheduleProductABCDEFTanks012345Cars10009508506503500Given the production possibilities schedule above, a combination of 3 tanks and 350 cars
A. illustrates the trade-off between tanks and cars. B. is not attainable because this combination is not listed in the schedule. C. is attainable but entails some unemployment or inefficient use of society's resources. D. cannot be produced by society, given its current resources and production technology.
As a country that has a bowed-out production possibilities frontier produces more of one good, the opportunity cost of a unit of that good ________
A) might increase or decrease B) remains the same C) increases D) decreases
Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. Which bundle will Max choose?
A) a B) b C) c D) d
Which of the following is false?
A) When the U.S. government imposed price ceilings on gasoline, the result was a surplus of gasoline. B) When the U.S. government imposed price ceilings on gasoline, the result was a shortage of gasoline. C) If a price ceiling is imposed below the equilibrium price in a given market, the result is a shortage in that market. D) First-come-first-served is a commonly used rationing device.