Which of the following points would not be on Jim's production possibilities frontier, based on a 40-hour week?
A. (72 computers set up, 6 computers tested)
B. (40 computers set up, 30 computers tested)
C. (0 computers set up, 60 computers tested)
D. (60 computers set up, 12 computers tested)
Answer: D. (60 computers set up, 12 computers tested)
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Which of the following statements is true of optimization?
A) Optimization analysis only relates to the financial budget of an economic agent. B) Individuals who optimize do not consider costs when choosing the most feasible alternative. C) Economic agents can optimize only when they are able to perfectly estimate all future costs and benefits. D) Economic agents who optimize attempt to choose the best feasible option, given the information that they have.
In the loanable funds market, an increase in wealth shifts the ________ loanable funds curve ________
A) supply of; rightward B) supply of; leftward C) demand for; rightward D) demand for; leftward
One way to estimate GDP is to:
A. add together the market value of only final goods sold in the economy and not services. B. measure the total expenditure of an economy. C. add together the market value of only final services sold in the economy. D. add up all the money people spend buying final and intermediate goods and services.
Deadweight loss:
A. occurs when the market price is set above the equilibrium price. B. occurs when the market price is set below the equilibrium price. C. is the loss of total surplus that results when the quantity of a good that is bought and sold is below the market equilibrium quantity. D. All of these are true.