Points inside a production possibilities curve are ________ and ________
A) efficient; unattainable
B) inefficient; unattainable
C) efficient; attainable
D) inefficient; attainable
D
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The figure above shows the market for cotton in Georgestan. The government regulates the market with a production quota set at 8 million pounds per year. The price of cotton in Georgestan is
A) 30 cents per pound. B) 40 cents per pound. C) 60 cents per pound. D) 50 cents per pound.
Explain how a value-added tax (VAT) works and how it differs from a sales tax. What impact does a VAT have on government revenue and the price of products paid by consumers?
The gains from trade are
a. evident in economic models, but seldom observed in the real world. b. evident in the real world, but impossible to capture in economic models. c. a result of more efficient resource allocation than would be observed in the absence of trade. d. based on the principle of absolute advantage.
A bond that pays a yearly interest rate of? $100 is for sale. The interest rate was 10 percent and now is 5 percent. The price of the bond has
A) decreased from $1000 to $500.
B) increased from $1000 to $2000.
C) decreased from $2000 to $1000.
D) increased from $500 to $2000.