People in Selena’s country are brought up knowing that saving their money is a good idea, but that a little spending is also okay. As a result, Selena’s nation will be able to ______.
a. consume more in the future
b. pay lower wages to workers
c. produce everything it needs
d. avoid investing in new capital
a. consume more in the future
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Fast Stop, a gasoline and grocery quick mart, charges $2 for a 20 ounce fountain drink and $3 for a 40 ounce fountain drink. This is an example of ________.
A) second-degree price discrimination B) an all-or-nothing offer C) two-part pricing D) third-degree price discrimination
Choosing to produce at any point within a production possibilities frontier is:
A. inefficient, meaning the society would not be using all its available resources in their best possible uses. B. efficient, meaning the society would be using all its available resources in their best possible uses. C. unobtainable, meaning the society cannot produce that combination of goods. D. efficient but not attainable.
How is the optimal level of input usage to produce a certain output identified with the help of isocosts and isoquants?
Economists sometimes give conflicting advice because
a. graduate students in economics are encouraged to argue with each other. b. economists have different values and scientific judgment. c. economists acting as scientists do not like to agree with economists acting as policy advisers. d. economics is more of a belief system than a science.