In the figure above, production efficiency occurs at ________, and allocative efficiency occurs at ________
A) all points on the PPF; only one point on the PPF
B) only one point on the PPF; all points on the PPF
C) only one point on the PPF; only one point on the PPF
D) all points on the PPF; all points on the PPF
E) all points on the PPF; all points above the PPF
A
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Refer to Figure 9-2. The loss in domestic consumer surplus as a result of the tariff is equal to the area
A) C + D + E + F. B) B + D + E + F. C) D + E + F. D) B.
Using your own words, describe the law of increasing opportunity costs. Be sure to explain why this phenomenon occurs and how it helps to contribute to the shape of the production possibilities frontier
In the 1960s and 1970s there was a large-scale
A. influx of middle- and working-class blacks into the ghettos. B. outflow of middle- and working-class blacks from the ghettos. C. movement of middle- and working-class blacks within the ghettos to better housing, but no large-scale movement into or out of the ghetto.
How does the new classical theory of fiscal policy differ from crowding-out model?