Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced.
B. overallocation of resources.
C. an impossible production point.
D. technological advancement.
Answer: A
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Which of the following explains why a firm would be interested in knowing the price elasticity of demand for a good it sells?
A) The price elasticity of demand can be used to determine the impact of changes in income on quantity sold. B) Knowing the price elasticity of demand allows the firm to calculate how changes in the price of the good will affect the firm's total profit. C) The price elasticity of demand allows the firm to calculate how changes in the price of the good will affect the firm's total revenue. D) Knowing the price elasticity of demand allows the firm to determine how the cost of producing additional units of the good will change.
Which of the following antebellum transportation innovations earned the greatest rate of return?
a. corporate-owned turnpikes b. the National Road c. the Erie Canal d. the Mainline Canal
Refer to the graph showing the demand for books. The quantity demanded when price is $16.00 is:
A. 4 books. B. 8 books. C. 2 books. D. 6 books.
Which of the following countries had the worst score in the Corruption Perception Index in 2012?
A. Italy B. China C. Mexico D. Russia