In the above figure, the competitive unregulated equilibrium is producing and consuming ________ vaccinations per year at a price of ________
A) 30 thousand; $40
B) 30 thousand; $30
C) 30 thousand; $20
D) 50 thousand; $30
C
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Compared to OECD countries, in the U.S
a. the poverty level is above the OECD average, but inequality is below the average b. the poverty level is below the OECD average, but inequality is above the average c. both poverty and inequality levels are below the OECD average d. both poverty and inequality levels are above the OECD average
Which one of the following states a central element of the economic way of thinking?
a. Scarce goods are priceless. b. Incentives matter--human choice is influenced in predictable ways by changes in personal costs and benefits. c. The realism of the assumptions is the best test of an economic theory. d. When deciding how to allocate time, the concept of opportunity cost is meaningless.
Refer to the graph shown. A firm that produces 900 units of output using the plant size associated with SATC3 minimizes:
A. both long-run and short-run average total cost. B. neither long-run nor short-run average total cost. C. long-run average total cost only. D. short-run average total cost only.
"Hawks" are economists who argue that:
a) the goal of full employment should take priority over the goal of low inflation. b) greater central bank action is needed in times of economic hardship. c) too much monetary policy can have inflationary effects. d) the Federal Reserve should be abolished.