Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same.
B. at any of the labeled points, as all of the points represent an efficient allocation of resources.
C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced.
D. indeterminate from this information, as we don't have any information about the society's desires.
Answer: D
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Using the above figure, the origin is at which point?
A) point a B) point b C) point c D) None of the points in the figure is the origin.
Economists often examine GNP to estimate changes in the well being of people. If one only studied GNP, which of the following would lead one to overestimate the true increases in peoples' well being?
a. Decreasing average hours of work b. Increasing life expectancy c. Decreasing levels of pollution d. Decreasing amounts of production in the home e. Increases in product quality
Perhaps it's not a problem at all, but if "too much choice" is a problem for consumers, it would occur in which market structure(s)?
a. perfect competition b. monopoly c. monopolistic competition d. perfect competition and monopoly e. not enough information
If money was not used as a medium of exchange,
What will be an ideal response?