Which of the following is not true about a production possibilities curve? The curve:
a. indicates the combinations of goods and services that can be produced with given technology.
b. indicates the efficient production points.
c. indicates the non-efficient production points.
d. indicates the feasible (attainable) and non-feasible production points.
e. indicates which production point will be chosen.
e
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If giving to public goods is subsidized through deductions under a progressive income tax, the government subsidizes public goods consumed by higher income individuals at greater rates than public goods consumed by lower income individuals.
Answer the following statement true (T) or false (F)
The term "compensating differential" refers to
a. the fact that workers who do similar work should be paid the same wage. b. the fact that some workers live further from their jobs than do other workers. c. a wage difference that is due to unionization of some firms but not others. d. a wage difference that arises from nonmonetary characteristics of different jobs.
Which of the following examples illustrates an oligopoly market?
a. a farmers' market with many individuals selling sweet corn and tomatoes b. a city whose electrical service is provided by one electric co-operative c. a city with two firms who are licensed to sell school uniforms for the local schools d. a city with many independently-owned hair styling salons
In the swimming pool market, supply and producer surplus both just fell. What most likely happened to cause this?
a. Price levels increased. b. Price levels decreased. c. A subsidy was given. d. A tax was removed.