Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable.
B. cannot be produced with the current state of technology.
C. represents underallocation of resources.
D. represents what the people want.
Answer: B
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The CPI basket contains 400 oranges and 800 pens. In the base year, the price of an orange is $1.00 and the price of a pen is $0.75. This year, urban consumers each buy 300 oranges at $2.00 each and 850 pens at $1.00 each
The CPI this year is ________. A) 1.60 B) 62.5 C) 160 D) 140
What best describes Thomas Jefferson's view of how American Indians should be treated?
a. Tribes should be forced to leave their native lands in the east and move west. b. Indians should have full property rights that should be respected by whites. c. Indians could continue to live on their reservations but the federal government should have access to all mining and natural resources on their land.
In economics, interest refers to all of the following EXCEPT
A. the return paid to the owners of capital. B. the payment for current rather than future command over resources. C. the cost of obtaining credit. D. the return paid to owners of financial institutions.
Which of the following is true of normal profits?
A. They are necessary to keep a firm in the industry in the long run B. They are zero under pure competition in the long run C. They are excluded from a firm's costs of production D. They are what attract other firms to enter an industry