Refer to the information provided in Figure 2.2 below for the economy of Microland to answer the question(s) that follow.
Figure 2.2Refer to Figure 2.2. If Microland's economy is at Point B, it could produce more consumer goods
A. without sacrificing any capital goods.
B. only with additional resources.
C. only with technological improvements.
D. by sacrificing some capital goods.
Answer: D
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A natural monopoly exists when
A) diseconomies of scale exist in an industry. B) one firm can supply an entire market at a lower average total cost than can two or more firms. C) a firm can engage in price discrimination. D) the producers in an industry have formed a cartel. E) a monopoly firm faces a horizontal demand curve.
An example of an intermediate good would be a(n)
A. paper used in this edition of the textbook. B. the appliance you use to heat up your lunch.. C. the used car you purchase. D. the suit you purchased on Black Friday and wore for New Year’s Eve.
"The government should provide health care for all citizens." This statement is an illustration of:
A. positive economic analysis. B. correlation analysis. C. fallacy of association analysis. D. normative economic analysis.
Market income in the United States is distributed
A) more unequally than income after taxes and benefits. B) less unequally than income after taxes and benefits. C) the same as income after taxes and benefits. D) according to a big tradeoff between equity and equality