The major economic problem is to:
a. provide for full employment.
b. eliminate scarcity.
c. increase the standard of living.
d. allocate limited resources among unlimited uses.
e. increase leisure.
d
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In the above figure, at the best affordable point, the marginal rate of substitution is
A) 0.5 of a hamburger per magazine. B) 1 hamburger per magazine. C) 1.33 hamburgers per magazine. D) 8 hamburgers per magazine.
Refer to Figure 4-1. If the market price is $2.50, what is the consumer surplus on the second ice cream cone?
A) $0.50 B) $1.50 C) $3.00 D) $10.50
Why is income and wealth typically used as a measure of the "distribution of economic well being" rather than utility
What will be an ideal response?
A factory in a centrally planned economy produces 1,000 left shoes and no right shoes. No corresponding factory produces only right shoes. This outcome is an example of inefficiency in
a. output selection. b. production planning. c. product distribution. d. market segmentation.