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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In the figure above, the opportunity cost of moving from point C to point D is
A) the loss in production in the health care sector. B) the increase in production in the education sector. C) zero. D) the loss in production in the education sector.
The turnpikes built in the early 1800s were
(a) intercity toll roads. (b) highly profitable enterprises. (c) financed entirely by private enterprise. (d) regulated by the federal government.
If Babette's Bicycle shop can rebuild three bicycles for $200 and four bicycles for $240, then the average variable cost of four bicycles
a. equals $40 b. cannot be determined without more information c. equals $60 d. equals $240 e. equals $10
The costs of changing price tags and price listings are known as
a. inflation-induced tax distortions. b. relative-price variability costs. c. shoeleather costs. d. menu costs.