One problem with the European Union’s choice regarding equality versus efficiency is that it may inadvertently shrink the size of its “economic pie.”
Answer the following statement true (T) or false (F)
True
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Referring to a production possibilities curve and the goods being compared, depict the economic event. The literacy rate increases among workers (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on the curve B. A movement from a point on the curve to a point inside the curve C. A shift in the entire curve to the right (outward) D. A shift in the entire curve to the left (inward)
Consumers who put a high value on a service
A) are better off with perfect price discrimination. B) are better off under a single-price monopoly. C) are indifferent between perfect price discrimination and a single-price monopoly. D) incur deadweight loss under either single-price monopoly or perfect price discrimination.
If one is inside the production possibilities frontier,
A. more resources are needed to move to the frontier. B. production of one commodity can be produced but not more of both. C. production is not on the production contract curve. D. All of these are true
Billie's Billiard Barn has seen its business slow down ever since Patti's Ping Pong Parlour opened up across the street. Since the opening of Patti's Ping Pong Parlour, the opportunity cost of shooting pool at Billie's Billiard Barn has ________ for
Billie's customers who also like to play ping pong. A) decreased. B) increased. C) fallen to zero. D) not changed.