High income economies, with only about one-sixth of the world's population, produced more than one-third the world's output
Indicate whether the statement is true or false
false
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When underproduction occurs,
A) producers gain more surplus at the expense of consumers. B) marginal cost is greater than marginal benefit. C) consumer surplus increases to a harmful amount. D) there is a deadweight loss that is borne by the entire society. E) the deadweight loss harms only consumers.
Moe divides his time between studying Physics and studying Economics. His production possibilities curve for his final grade in each class is shown in the accompanying figure.
Moe needs to earn at least an 80 in both economics and physics to keep his scholarship. Given his current PPC, an 80 in both classes is ________.
A. attainable B. efficient C. inefficient D. unattainable
Banks hold some deposits on reserve at the Fed because
A. the Fed requires every bank to hold at least $100 million on deposit at all times. B. the Fed will insure those deposits, but will not insure regular bank deposits. C. these deposits meet the reserve requirements of the Fed. D. these are membership dues for being a member bank.
Infant industries often refer to:
A) the foreign industries. B) the fledgling domestic industries. C) the public sector undertakings. D) the agriculture-based industries.