Consider the production possibilities frontier displayed in the figure shown. A society faced with this curve could choose to produce:
A. A, B, or D.
B. A, B, or C.
C. A, D, or C.
D. B, C, or D.
C. A, D, or C.
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If an increase in one variable causes a decrease in another variable, this is
A) a direct relationship. B) a dependent relationship. C) an independent relationship. D) an inverse relationship.
If we consider age distribution, institutional factors, and in-kind transfer programs, income distribution is likely considerably more unequal than it appears from measured income
a. True b. False Indicate whether the statement is true or false
Sunu Quaid's new home does not contribute to her life-cycle wealth
Indicate whether the statement is true or false
Refer to the above diagram in which the downsloping linear lines are budget lines and I1, I 2, and I3 comprise an indifference map. The combinations of products M and N indicated by points 1, 2, and 5 are such that:
A) point 2 yields more utility than either 1 or 5. B) points 1 and 5 yield more utility than point 2. C) points 1, 2, and 5 yield equal amounts of utility. D) the levels of utility associated with these three points cannot be compared.