Refer to Figure 13.1. All else equal, an increase in transfer payments would best be represented by a movement from
A) point A to point B.
B) point B to point A.
C) point B to point C.
D) point C to point B.
B
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In order for Ireland to grow more potatoes, wool production must decrease. This situation is an example of
A) opportunity benefit. B) a tradeoff. C) zero opportunity cost. D) producing at a point that lies beyond the PPF. E) a free lunch.
A scatter diagram with the price of peanut butter on the vertical axis and the price of jelly on the horizontal axis shows a negative relationship
If the price of jelly was placed on the vertical axis and the price of peanut butter was placed on the horizontal axis, the relationship would be a A) negative relationship, also called a direct relationship. B) negative relationship, also called an inverse relationship. C) positive relationship, also called a direct relationship. D) positive relationship, also called an inverse relationship.
The Constitution:
a. empowers each state to negotiate its own treaties with foreign governments. b. empowers the Congress to pay off all public debts, including those incurred by the states. c. allows for states to set tariffs on goods imported from another state. d. allows only the Congress to set tariffs on goods moving from one state to another.
Each of the following is a characteristic of perfect competition except
A. licenses, control of vital resources and government franchises are common. B. perfect knowledge. C. a lack of differentiation among products. D. many firms.