It is possible through trade for a country to consume a combination of goods that lies beyond its production possibilities frontier
Indicate whether the statement is true or false
True
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Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. At a quantity of 4,000 pounds
A) the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently low. B) the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently high. C) the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently low. D) producers should raise the price to $9 in order to sell the quantity demanded of 4,000.
The region of the U.S. that benefited least from and fought hardest against raising tariffs in the first half of the nineteenth century was
(a) New England. (b) the Middle Atlantic states. (c) the South. (d) the West.
A rational consumer should not consume more of a good when:
a. total utility is decreasing. b. marginal utility is diminishing. c. both a and b. d. income is decreasing. e. the price is high.
Critics of advertising argue that advertising
a. creates desires that otherwise might not exist. b. enhances competition. c. benefits television viewers who enjoy TV commercials. d. All of the above are correct.