All economists agree that the economy is self-regulating
Indicate whether the statement is true or false
False
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Gomer can make either 200 gallons of corn liquor (L) or 200 gallons of strawberry wine (W) every six months. Goober can make only 100 gallons of corn liquor (L) or 50 gallons of strawberry wine (W) every six months. Which statement below is true?
A) Gomer produces W more efficiently than Goober. B) Gomer produces L less efficiently than Goober. C) Goober produces L more efficiently than Gomer. D) All of the above are true.
Vertical equity refers to the notion that individuals at all levels should be taxed equally.
Answer the following statement true (T) or false (F)
When quantities of two goods belong to the same indifference curve, which of the following is true?
A. The combinations of the two goods along the indifference curve yield the same total utility. B. Prices of the two goods are equal. C. Marginal utilities of both goods are equal. D. The total utility of all combinations above the curve equal zero.
Refer to Figure 6.4. Suppose that the current price is set at A and Q1 units of a good are traded. Which of the following statements is incorrect?
A. The quantity supplied exceeds the quantity demanded. B. A buyer's willingness to pay is smaller than a seller's willingness to accept at Q1. C. The consumer surplus would increase should the price fall. D. Total surplus is not maximized.