Greta’s company has developed a new technology that will make the production of most major military systems considerably more efficient. Which point on the production possibilities curve represents the result of this development?
a. A
b. B
c. C
d. D
d. D
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Use the following figure to answer the question below.
The combination of sixty-five pounds of corn and fifteen pounds of green beans is
A. not efficient. B. not attainable but efficient. C. attainable and inefficient. D. not attainable.
Which of the following statements is FALSE?
A) The federal budget deficit in 2004 was about 4 percent of the GDP. B) During the past five years, the U.S. public debt has been increasing. C) The public debt of $25 billion is the accumulated debt of all U.S. individuals, firms, and institutions. D) A budget deficit of $25 billion in a given year increases the public debt by $25 billion.
If 20 smoothies are sold at a market price of $5.50 each, then
a. there must not be an excess supply of smoothies b. selling the 21st smoothie would be a Pareto improvement c. the market must be perfectly competitive d. the value to some individual of the 20th smoothie is $5.50 e. there must be an excess demand for smoothies
Economists normally assume that the goal of a firm is to (i) earn profits as large as possible, even if it means reducing output. (ii) earn revenues as large as possible, even if it means reducing profits. (iii) minimize costs, regardless of profits
a. (i) only b. (i) and (ii) only c. (ii) and (iii) only d. (i), (ii), and (iii)