A country that must reduce current consumption to increase future consumption possibilities
A) must be allocating resources inefficiently.
B) must be producing along the production possibilities curve.
C) must be producing outside the production possibilities curve.
D) must not have private ownership of property.
Answer: B
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What incentive is created by a first-come first-serve allocation scheme?
A) To engage in rent-seeking. B) To have the most income. C) To be first. D) To be elected.
A line that is perfectly elastic has an elasticity of demand of zero
a. True b. False Indicate whether the statement is true or false
How much pollution should we emit?
A. To a level where MB is greater than or equal to the MC B. To a level where MC is greater than the MB C. Zero D. A fair amount of pollution
Import-competing industries in the United States are likely to resist
A. Depreciation of the dollar. B. Devaluation of the dollar. C. Evaluation of the dollar. D. Appreciation of the dollar.