Production possibilities curves:
A) illustrate the production choices available to an economy.
B) assume full employment but not maximum efficiency.
C) assume maximum efficiency but not full employment.
D) are used to illustrate the law of decreasing opportunity costs.
Ans: A) illustrate the production choices available to an economy.
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Refer to Table 1-3. What is Ivan's marginal benefit if he decides to stay open for six hours instead of five hours?
A) $10 B) $20 C) $30 D) $91.67
Refer to the above figure. What are the price and quantity if this monopolist is required to use average cost pricing?
A) P5, Q1 B) P3, Q3 C) P2, Q1 D) P1, Q4
The environmental problems of China is not caused by
A. a lack of central planning in the economy. B. the burning of low-quality, high-sulfur coal. C. a lack of pollution controls. D. the one-child policy of population control.
A good is said to be "normal" if:
A. it is of high quality. B. consumers buy more of it at a high price. C. it has few substitutes. D. it has a positive income elasticity of demand.