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 marginal rate of transformation in moving from Point B to Point A is
A. -2/3.
B. -3/4.
C. -1.5.
D. -20.
Answer: A
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Which of the following best explains why making air travel completely safe is not efficient?
a. After some level of safety is reached, making airplanes even safer is not worth the opportunity cost that would be incurred. b. Because one can't put a price on human life, airplane safety generally doesn't matter economically. c. The benefit from additional airplane safety will generally rise as airplanes are made safer, more than offsetting the opportunity cost involved. d. The question is misleading--making airplanes safer is always efficient.
Demand is defined as
A. the quantity people would buy at a given price. B. the quantity needed by an individual during a given time. C. the amount of a good actually purchased during a given time. D. the quantities that buyers will purchase at different prices.
If the economy is in a recession, the Fed could:
A. sell bonds through open market operations to increase spending in the economy. B. increase the reserve requirement to increase confidence in the financial system. C. buy bonds through open market operations to increase spending in the economy. D. increase the discount rate so banks will increase their lending in the economy.
Velcro is becoming more and more popular for a variety of uses, including as fasteners for shoes. What should happen to the equilibrium price and quantity for shoelaces as a result?
a. Both price and quantity should increase. b. Both price and quantity should decrease. c. Price should increase and quantity decrease. d. Price should decrease and quantity increase. e. Nothing.