Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same.
B. at any of the labeled points, as all of the points represent an efficient allocation of resources.
C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced.
D. indeterminate from this information, as we don't have any information about the society's desires.
Answer: D
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Which measure of inflation would include consumer goods and capital goods?
A. the Consumer Price Index B. the Retail Trade Survey C. the GDP Price Index D. the Employment Cost Index
Figure 5-6
In Figure 5-6, a shift in the budget line from AC to AB indicates
A. the price of wine coolers has risen. B. income has increased. C. the price of beer has fallen. D. the price of wine coolers has fallen. E. All of the responses are correct.
If bus travel is an inferior good, then its income elasticity of demand will be
a. strictly greater than one. b. positive. c. equal to zero. d. negative.
Which of the following is not a characteristic of capitalism?
A. private ownership of the factors of production B. businesses make their own product and price decisions C. public ownership of the factors of production D. decentralized decision-making using markets