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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Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. Mike's opportunity cost of producing one car is ________ pound(s) of cheese.
A. 1/250 B. 500 C. 1/20 D. 250
Differentiate between a payoff matrix and a game tree
What will be an ideal response?
During a recession, the actual rate of unemployment will be
a. less than the natural rate of unemployment. b. greater than the natural rate of unemployment. c. equal to the natural rate of unemployment. d. unaffected by the economic contraction.
In 2012, the number of people living in the world on less than $1.90 a day was:
A. just over a quarter of the world's population. B. roughly 13% of the world's population. C. just under 10 percent of the world's population. D. just over a fifth of the world's population.