The above figure shows a nation's production function. Point C is
A) unattainable given the nation's resource level.
B) attainable if the nation uses resources efficiently.
C) attainable if the nation uses resources inefficiently.
D) the maximum amount of real GDP the nation can produce.
E) the labor market equilibrium point.
C
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Suppose the market clearing price for apples rises from $2.00 to $3.00 per pound, and the overall market clearing output decreases from 1 million to 1/2 million pounds. How can we explain the increase in price and decrease in market output?
A) Supply decreased and demand remained unchanged. B) Supply increased and demand remained unchanged. C) Demand increased and supply remained unchanged. D) Demand decreased and supply remained unchanged.
What are the components of the trilemma that is encountered when a country chooses its monetary policy and what is the meaning of the term?
What will be an ideal response?
In a particular country in 1998, the average worker needed to work 25 hours to produce 40 units of output. In that same country in 2008, the average worker needed to work 40 hours to produce 68 units of output. In that country, the productivity of the average worker
a. decreased by 1.7 percent between 1998 and 2008. b. remained unchanged between 1998 and 2008. c. increased by 4.75 percent between 1998 and 2008. d. increased by 6.25 percent between 1998 and 2008.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.