Consider the production possibilities frontier displayed in the figure shown. If this society chooses to produce 200 bushels of apples it can produce no more than:
A. 15 watermelons.
B. 10 watermelons.
C. 20 watermelons.
D. 5 watermelons.
Answer: B
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Refer to Table 4-4. If a minimum wage of $10.50 an hour is mandated, what is the quantity of labor demanded?
A) 400,000 B) 370,000 C) 340,000 D) 60,000
In what type of market do these gas stations operate? What determines the price of gasoline and the marginal revenue from gasoline?
What will be an ideal response?
The increased level of excess reserves that many banks held in 2008 made traditional monetary policy less effective
a. True b. False Indicate whether the statement is true or false
Suppose Smith's oil refinery and Jones' paper mill both pollute a river and both firms operate under a system of marketable pollution permits. If it costs Smith $45 to reduce pollution by 500 gallons per day, and Jones can reduce costs by $65 by increasing pollution by 500 units per day:
A. the firms cannot gain by trading the right to pollute. B. both firms can benefit if Smith trades the right to increase pollution by 500 gallons to Jones for $30. C. both firms can benefit if Smith trades the right to increase pollution by 500 gallons to Jones for $50. D. both firms can benefit if Jones trades the right to increase pollution by 500 gallons to Smith for $30.