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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For country North, the opportunity cost incurred when 3 tractors are produced is 21 watches. For country South, the opportunity cost incurred when 5 tractors are produced is 100 watches
Which country has the comparative advantage in the production of tractors? A) South B) North C) Both have the comparative advantage in the production of tractors. D) Neither country has the comparative advantage in the production of tractors. E) More information is needed about which country has the comparative advantage in the production of watches.
The American Federation of Labor was formed in 1886 as a dissident group from the
A) Knights of Labor. B) Knights of Pythias. C) Masonic Lodge. D) Knights of Columbus.
According to the text, which of the following developments have taken place in the American steel industry during the past 40 years?
a. The percentage of steel produced in vertically integrated steel plants has increased. b. The percentage of steel produced in vertically integrated steel plants has decreased. c. More steel makers have integrated vertically into coal mining. d. More steel makers have integrated vertically into iron ore mining.
Which of the following will cause a movement along the demand curve for shoes?
A) an increase in the price of socks B) an increase in income C) an increase in the price of shoes D) all of the above