Producing at a point inside the production possibilities curve
A. Suggests we are forgoing the ability to produce more of both goods.
B. Means society must be using its resources efficiently.
C. Is unattainable given the present level of technology.
D. Is feasible when the nation is at war but not feasible when the nation is at peace.
Answer: A
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Monopsonistic exploitation refers to
A) the payment to the resource equal to MFC. B) the payment to a resource less than MRP. C) the payment to a resource equal to MRP. D) the payment to a resource above MRP.
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
Silvia's opportunity cost of producing one pound of beef is ________ computer(s).
A. 1/50 B. 25 C. 50 D. 1/25
A proportional tax is one that
A. Rises as income rises. B. Is collected voluntarily for specific expenditure purposes. C. Collects the same rate on every dollar of income. D. Falls as income rises.
Refer to the information provided in Figure 20.3 below to answer the question(s) that follow.
Figure 20.3Refer to Figure 20.3. The domestic price of shoes is $80. After trade the price of a pair of shoes is $60. After trade this country will import
A. 100 pairs of shoes. B. 200 pairs of shoes. C. 300 pairs of shoes. D. 1,300 pairs of shoes.