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 marginal rate of transformation in moving from Point B to Point A is
A. -2/3.
B. -3/4.
C. -1.5.
D. -20.
Answer: A
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Assume that your state government has placed a price ceiling of $.20 per kilowatt hour on electricity. The equilibrium price per kilowatt hour for electricity is $.25. The government's action will result in
A) a surplus of electricity in the electricity market. B) an increase in the price of electricity to $.25 per kilowatt hour. C) an increase in producer surplus. D) a deadweight loss.
Microeconomics
a. addresses scarcity from a global perspective b. examines how individuals, households, and firms make economic decisions c. is purely theoretical and has little value in explaining real-world phenomena d. focuses on what is happening in the economy as a whole e. answers the fundamental economic questions of how, when, where, and why
The tendency for the market to under produce public goods and overproduce private goods results from:
a) the fact that people are reluctant to buy what they can get free. b) the law of conservation of matter and energy. c) the law of diminishing returns. d) public goods are not as important as private goods.
For which reason is increasing the federal minimum wage not a good antipoverty program?
A. Roughly two-thirds of minimum wage earners are not the primary worker in their household. B. It is very costly for the government. C. The minimum wage discriminates against minorities. D. The minimum wage discriminates against the young. E. Increasing the federal minimum wage will likely increase employment opportunities.