Refer to the above figure. Which of the following would allow society to move to point d?
A. increasing the quantity of labor
B. producing efficiently
C. using the best land to produce wheat and the lower quality land to produce beans
D. concentrating production in wheat
Answer: A
You might also like to view...
According to the permanent income hypothesis, a temporary increase in income that does not affect average lifetime income would
A) cause no change in consumption. B) cause a decrease in consumption and saving by the same amount. C) cause an increase in consumption and saving by the same amount. D) cause a large increase in consumption.
If labor productivities were exactly proportional to wage levels internationally, this would
A) not negate the logical basis for trade in the Ricardian model. B) render the Ricardian model theoretically correct but practically useless. C) negate the logical basis for trade in the Ricardian model. D) negate the applicability of the Ricardian model if the number of products were greater than the number of trading partners. E) demonstrate the validity of the Ricardian model.
If Tom does not tattle, what would Sarah's best response be
a. Hit b. Not hit c. Run d. Hide
Which of the following is an implicit cost of going to college?
a. Tuition. b. Books. c. Lost income. d. Future income. e. Room and board.