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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. Until 2008, the Fed could make the market federal funds rate equal the target rate by:
A. setting the discount rate below the federal funds rate. B. entering the federal funds market as a borrower or a lender. C. paying higher interest on reserves. D. mandating that all loans be transacted at the target rate.
Inoculation programs against certain diseases such as small pox, polio, and whooping cough create:
a. nonrival goods. b. external costs to society equal to the costs of the program. c. nonexcludable goods. d. public goods. e. positive externalities in consumption
Which of the following statements is correct?
a. Theory and hypothesis are interchangeable terms for the same thing.
b. A hypothesis may result from a tested and confirmed theory.
c. A theory may result from a tested and confirmed hypothesis.
d. A hypothesis is a theory whose formulation relies on mathematics.
The price elasticity of demand for a good is relatively elastic if:
A. there are a large number of substitutes. B. the consumer has more time to make decisions about purchasing the good. C. the good is less of a necessity. D. All of these