Refer to Figure 9-2. With the tariff in place, the United States produces
A) 9 million pounds of rice. B) 15 million pounds of rice.
C) 31 million pounds of rice. D) 42 million pounds of rice.
B
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Assuming the inner curve is the United States' current production possibilities frontier, points J, N and K represent
A. an inefficient use of resources.
B. an output that is not possible to produce.
C. points of unemployed resources.
D. points of fully employed resources.
Which of the following is true about the derived demand for architects?
a. The derived demand for new architects has been rapidly growing in recent years due to the development of powerful and cheap computers and computer-assisted design programs. b. The derived demand for new architects has been rapidly growing in recent years due to the lack of available architectural design software that is simple, powerful, and inexpensive. c. The derived demand for new architects has been declining in recent years due to the development of powerful and cheap computers and computer-assisted architectural design software. d. The derived demand for new architects has been declining in recent years due to the development of powerful and expensive computers and lack of computer-assisted architectural design software.
A technological advance would best be represented by
A. A movement from inside the production possibilities curve to a point on the production possibilities curve. B. A movement from the production possibilities curve to a point inside the production possibilities curve. C. A shift inward of the production possibilities curve. D. A shift outward of the production possibilities curve.
Sam decides to join the Gigantic State University's rugby team when he learns that his health insurance will pay for any subsequent injury. This illustrates:
A. the diagnosis-related-group system. B. a "pay or play" system. C. the moral hazard problem. D. the Coase theorem.