Referring to the Production Possibilities Frontiers in Figure 1.11 A and B, which depicts generalized growth?
Figure 1.11
A. Fig. A
B. Fig. B
C. Either Fig. A or B is correct
D. Neither Fig. A nor B are correct
Answer: C
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An increase in the price of pineapples will result in
A) a decrease in the demand for pineapples. B) an increase in the supply of pineapples. C) a larger quantity of pineapples supplied. D) a smaller quantity of pineapples supplied.
A bilateral monopoly exists when there is a
A) single buyer and many sellers in the market. B) single seller and many buyers in the market. C) large number of buyers and sellers in the market. D) single buyer and a single seller in the market.
In this era of globalization, one of the main reasons why some countries have remained closed to the rest of the world is:
a. the fact that their governments follow policies that explicitly work against economic integration. b. racial discrimination. c. the fact that their governments impose extremely high mortgage taxes. d. the establishment of minimum wages. e. the fact that they are too poor to trade anything with the rest of the world.
Figure 7-6
Which of the lines in Figure 7-6 represents a typical average fixed cost curve?
a.
1
b.
2
c.
3
d.
4