Use the data in the table below to answer the following question.PriceQuantity Demanded$201218171620142412301036840644448Over which price range is the demand inelastic?
A. $14-$12
B. $18-$16
C. $8-$6
D. $20-$18
Answer: C
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Suppose it costs a farmer $1.00 to produce 1 unit of corn, $2.10 to produce 2 units of corn, and $3.30 to produce 3 units of corn. What's the average cost of producing 2 units of corn?
A) $1.00 B) $1.05 C) $1.10 D) $2.00 E) $2.10
The attainable production points on a production possibilities curve are
A) the horizontal and vertical intercepts. B) the points outside the area enclosed by the production possibilities frontier. C) the points along the production possibilities frontier. D) the points along and inside the production possibility frontier.
Which of the following leads to an underallocation of resources to a specific economic activity?
A) external costs B) external benefits C) marginal costs D) effluent benefits
There are _____ members of the Board of Governors of the Federal Reserve; each serves one _____ year term.
A. 7; 14 B. 14; 7 C. 7; 7 D. 14; 14