The table above shows a production possibilities frontier for an economy. If the economy tried to produce a combination of 250 loaves of bread and 800 books,
A) there is some unemployment.
B) it cannot produce this combination because it lacks enough resources or technology.
C) it is enjoying a free lunch.
D) the tradeoff between bread and books is inefficient.
E) there is full employment.
B
You might also like to view...
Refer to the table below. Julia's opportunity cost of making a cake is: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. 60 cakes B. 6 cakes C. 5/6 of a cake D. 6/5 of a cake
In a typical year, about __________ of bank business loans in the United States are made by foreign-owned banks through their branches here
A) ten percent B) twenty percent C) one-third D) one-half
Which of the following is true?
a. Kremer argued that with greater population, society would generate more ideas so that growth of real GDP per person could continue. Malthus argued that increasing population would outstrip agricultural production. b. Kremer argued that increases in population would reduce the amount of human and physical capital per worker so that eventually the standard of living would decline. Malthus argued that increases in technology would allow increased output growth so that even with population growth, society would enjoy a higher standard of living. c. Malthus argued that with greater population, society would generate more ideas so that growth of real GDP per person could continue. Kremer argued that increasing population would outstrip agricultural production. d. Malthus argued that increases in population would reduce the amount of human and physical capital per worker so that eventually the standard of living would decline. Kremer argued that increases in technology would allow increased output growth so that even with population growth, society would enjoy a higher standard of living.
Pollution permit policies achieve an ________ outcome because ________.
A. efficient; firms that have the highest cost of reducing pollution will have the greatest incentive to purchase permits. B. inefficient; the supply of permits is set by the government, and so is perfectly inelastic. C. inefficient; wealthier firms can afford to purchase more permits. D. efficient; firms that have the lowest cost of reducing pollution will be able to pay more for each permit.