Before a market allocation of goods on the production possibilities curve can be judged efficient, one must evaluate "what" goods the market produced
a. True
b. False
Indicate whether the statement is true or false
False
Economics
You might also like to view...
If the income elasticity for canned food is 0.8, then canned food is an inferior good
Indicate whether the statement is true or false
Economics
Refer to Figure 11.1. Assume the economy is in equilibrium at 1 = 0. Other things equal, a surge in household wealth will result in a movement from point ________ to point ________
A) A; B B) B; A C) A; C D) A; D
Economics
A payment for a resource above the opportunity cost of the resource is
A) economic rent. B) social rent. C) nominal rent. D) real rent.
Economics
When a tariff is imposed, the supply curve for the imported good
A) shifts downward and to the right. B) shifts upward and to the left. C) does not change. D) becomes perfectly inelastic.
Economics