Any combination of two goods that lies beyond the production possibilities frontier
A) is currently impossible to produce.
B) is currently possible to produce, but not worth trying.
C) represents economic waste.
D) represents a more efficient combination of output than anything lying on the frontier.
A
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Economists argue that individuals should continue to consume until total benefit equals total cost
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. The Trade Expansion Act of 1974 restricted the authority of the president of the United States to reduce tariffs. 2. The rule of origin defines the maximum percentage of a country’s exported product that can be sold in the United States. 3. If trade between the United States and Canada were totally free of restrictions, the incomes of most Canadian workers would decrease. 4. Maquiladoras are export-oriented plants, often along the U.S.–Mexico border, that are exempt from paying import duties on raw materials and parts used in making final products. 5. The Maastricht Agreement calls for a common currency and a single central bank in the European Union.
Which of the following statements is true?
A) The main items that comprise indirect business taxes include excise taxes, income taxes, and property taxes. B) Capital consumption allowance is also known as depreciation. C) A sales tax is an example of an indirect business tax. D) b and c E) a, b, and c
The following table depicts the cost and demand structure a natural monopoly faces. Provided that the firm operates as a monopolist, what is the price charged and quantity produced in order to maximize profits?
A. price charged of $800 and quantity produced of 2 B. price charged of $900 and quantity produced of 1 C. price charged of $600 and quantity produced of 4 D. price charged of $700 and quantity produced of 3