If two grade-school children willingly trade their lunches with one another, we can conclude that at least one of them preferred the other's lunch to his own
Indicate whether the statement is true or false
True . Either one or both preferred the other's. If only one preferred the other's, then the other must have been indifferent between the two lunches.
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A tax that fell very heavily on the rich and the upper middle class might shift the Lorenz curve from
A. J to K.
B. K to L.
C. L to K.
D. I to J.
Providing basic health care and education for poor countries is cost-prohibitive.
Answer the following statement true (T) or false (F)
Refer to the diagram. Which of the following is a positive statement?
A. A point inside the production possibilities curve is superior to a point on the curve because
the former requires less work effort.
B. Because any society should stress economic growth as its major goal, point D is superior
to point C.
C. Point B is preferable to point C because the ultimate goal of economic activity is to
maximize consumption.
D. Given its resources and technology, this society is incapable of simultaneously producing 3
units of tractors and 15 units of bread.
Refer to the table below. Suppose that the three plant sizes shown are the only ones possible, then there are economies of scale in producing:
The table shows three short-run cost schedules for three plants of different sizes that a firm might build in the long run.
A. Up to 10 units of output, and diseconomies of scale after that
B. Up to 20 units of output, and diseconomies of scale after that
C. Up to 30 units of output, and diseconomies of scale after that
D. Up to 40 units of output, and diseconomies of scale after that