Refer to the figure above. How many units of Good X will be supplied if the government sets a price ceiling of Pc on the good?
A) 0 units
B) 10 units
C) 25 units
D) 35 units
B
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Use the above table. Assuming constant opportunity costs, the opportunity cost of producing a pound of beef in France is
A) 2 gallons of wine. B) 3 gallons of wine. C) 0.5 gallons of wine. D) 0.33 gallons of wine.
Automated production methods are only attractive when they
a. are undertaken in heavily unionized sectors of the economy. b. reduce per-unit costs. c. replace workers. d. decrease labor productivity.
Which of the following is not true for a public good?
A. Marginal cost of serving public good to one more person is zero. B. Free-rider problem arises in case of public goods. C. Exclusion is not possible in most of the public goods. D. Public goods include only material commodities.
From 1970 to 2010, the poverty rate in East Asia rose slightly but the level of poverty in sub-Saharan Africa fell dramatically
Indicate whether the statement is true or false