Refer to Figure 2-9. Carlos Vanya grows tomatoes and strawberries on his land. A portion of his land is more suitable for growing tomatoes and the other portion is better suited for strawberry cultivation
Which of the graphs in Figure 2-3 represent his production possibilities frontier?
A) Graph A
B) Graph B
C) Graph C
D) either Graph A or Graph B
E) either Graph B or Graph C
C
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"Wine experts are discovering that California wines of several varieties and vintages are comparable to many of the best French wines. The result is an increased demand, here and abroad, for California wines." With regard to the U.S. balance on current account, this trend will
a. increase the U.S. deficit because of the rise in the price of California wine. b. decrease the U.S. deficit because of increased shipments of California wines abroad. c. decrease the demand for U.S. dollars. d. increase the U.S. demand for euros.
The rental price of capital is the price a person pays to own the capital indefinitely
a. True b. False Indicate whether the statement is true or false
Customer discrimination is illegal in the United States
a. True b. False Indicate whether the statement is true or false
Producers have little incentive to produce a public good because
a. the social benefit is less than the private benefit. b. the social benefit is less than the social cost. c. there is a free-rider problem. d. there is a Tragedy of the Commons.