The table shows the PPF of an island community. Choose the best state-ment
A. This community has enough resources to produce 2 pounds of fish and 36 pounds of berries.
B. This community cannot produce 2 pounds of fish and 36 pounds of berries because this combination is inefficient.
C. This community will waste resources if it produces 2 pounds of fish and 22 pounds of berries.
D. This community can produce 2 pounds of fish and 30 pounds of berries but this combination is inefficient.
C The production point is inside the PPF and so is inefficient.
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Computers are a complement to computer software. Suppose the price of a computer falls. Simultaneously, suppose that the number of companies selling computer software decreases
How do these changes affect the price and quantity of computer software?
The aggregate supply curve is:
A. the relationship between the overall price level and total production by firms. B. downward-sloping. C. the sum total of the production of all the firms in the economy for every given demand level. D. the sum total of the production of all the firms in the economy for every level of profit.
Laws that assign owners the rights to use assets as they see fit are called
a. human rights. b. economic rights. c. property rights. d. government rights.
You love peanut butter. You hear on the news that 50 percent of the peanut crop in the South has been wiped out by drought and that this will cause the price of peanuts to double by the end of the year. As a result, your demand for peanut butter
a. will increase but not until the end of the year. b. increases today. c. decreases as you look for a substitute good. d. shifts left today.