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 E necessarily represents
A. only motorcycles being produced.
B. overallocation of resources.
C. an impossible production point.
D. technological advancement.
Answer: A
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Use headlines from the recent news to illustrate the potential for conflict between self-interest and the social interest
What will be an ideal response?
One goal of the European Common Market was to
a. abolish tariffs and import quotas among the member nations. b. abolish tariffs and import quotas between the member nations and the rest of the world. c. discourage the free movement of capital and labor among member nations. d. replace the North Atlantic Treaty Organization (NATO).
Which of the following is not an example of a country's infrastructure?
a. Educational system b. Political system c. Communications system d. Transportation system
If a consumer wishes to maximize satisfaction given limited income and MUx/Px< MUy/Py then the consumer should:
A. buy less of both X and Y. B. buy more of X and less of Y. C. buy more of Y and less of X. D. buy more of both X and Y.