Which of the following is true about the combination of televisions and smartphones represented by point F in Figure 1.4?
A. Point F is unattainable even with advances in technology.
B. Point F will be more easily attainable if the government takes control of all privately run factories.
C. Point F is inefficient now.
D. Point F can possibly be reached if more economic resources become available or technology improves.
Answer: D
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Situation 35-2 ? Dan and Ann live in the same community and both can participate in two activities, producing and stealing. Refer to Situation 35-2. Ann spends 8 hours of each day producing and 1 hour of each day stealing. It is probably the case for her that
A. at some point the MB/MC ratio for producing fell below the MB/MC ratio for stealing. B. her MB/MC ratio for producing was always greater than her MB/MC ratio for stealing. C. her MB/MC ratio for producing never changed, no matter how much or how little she produced. D. her MB/MC ratio for stealing never changed, no matter how much or how little she stole. E. There is not enough information to answer the question.
When economies of scale are present,
a. costs per unit decline as output expands. b. the government feels responsible for breaking up the firm. c. firms always make handsome profits. d. costs fall as the size of the product is increased.
Which of the following is an example of a geographic monopoly?
a. a store in Childersburg that sells only shoelaces b. the only gas station in a radius of one mile c. a store in Sycamore that sells only scrap metal d. the only restaurant in a radius of 200 miles
Banks create wealth when they lend their excess reserves.
Answer the following statement true (T) or false (F)