Refer to the information provided in Figure 2.6 below to answer the question(s) that follow.
Figure 2.6Refer to Figure 2.6. If the economy is at ppf1, a change in consumer preferences would be shown by a
A. shift from ppf1 to ppf2.
B. movement along ppf1.
C. shift from ppf2 to ppf1.
D. movement along ppf2.
Answer: B
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Refer to Table 3-1. The table above shows the demand schedules for loose-leaf tea of two individuals (Sunil and Mia) and the rest of the market. At a price of $5, the quantity demanded in the market would be
A) 51 lbs. B) 63 lbs. C) 76 lbs D) 146 lbs.
A key idea of the new growth theory is that
A) technology is not an important determinant of economic growth. B) economic growth is not as important as leisure time growth. C) the greater the rewards for technological advances, the greater the number of technological advances. D) the rewards associated with technological advances have little to do with the actual rate of invention or innovation.
At McDonald's, economies of scale at the firm level
a. can be traced to factors such as the use of centralized training and common menus for all restaurants b. exist only in the short run c. occur above the firm's minimum efficient scale d. can be traced to the diminishing marginal productivity of a variable resource, such as labor e. occur over the range of output for which the firm's total cost curve is upward sloping
vertical S curve at Q = 1
What will be an ideal response?