In 1790 the average farmer fed ____ people; today the average farmer feeds _____ people.
Fill in the blank(s) with the appropriate word(s).
4.5; 100
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Refer to Edgeworth Box Economy. Analysis of an Edgeworth box economy shows that a competitive equilibrium
a. must be Pareto optimal. b. can be located anywhere along the contract curve. c. may lie anywhere within the region of mutual advantage. d. must lie to the southeast of the endowment point.
Taxes levied on imports are called ________
A) embargo B) seigniorage C) quotas D) tariffs
William was asked to contribute money for a retirement home. He agreed to contribute only if his name appeared on the list of donators in the newsletter published by the home every year. This is an example of ________
A) rationalism B) liberalism C) impure altruism D) pure altruism
Refer to the above table. Given the demand and cost schedules, what is the profit maximizing quantity for this monopolist?
A) 14 B) 19 C) 25 D) 30