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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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
President Obama has proposed a goal that everyone complete at least one year of formal education or training beyond high school. This policy would
A) increase human capital and increase economic growth. B) increase physical capital and increase economic growth. C) increase financial capital and increase economic growth. D) eliminate opportunity costs and increase economic growth.
Changes in which of the following factors would affect the growth of an economy?
I. Quantity and quality of human and natural resources II. Amount of capital goods available III. Technology (a) I only (b) I and II only (c) I and III only (d) II and III only (e) I, II, and III
Public investment in crop breeding has tended to emphasize longer term research while investment by the private sector has emphasized:
a. Investment in animal agriculture b. Investment to encourage small scale production c. Investment in cultivar development with short term payoffs d. All of the above