Refer to the information provided in Figure 6.13 below to answer the question(s) that follow.
Figure 6.13Refer to Figure 6.13. Assume Megan has two products available, pizza and hamburgers. Megan is always willing to trade an equal number of pizzas for hamburgers regardless of how many pizzas and hamburgers she has. The curve in Panel ________ represents her indifference curve.
A. A
B. B
C. C
D. D
Answer: A
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Which of the following events create an outward shift of the production possibilities curve?
a. The United States moves resources from the production of goods for domestic production to the production of goods for export. b. Tax reductions reduce the cost and increase the volume of investment in factories, machinery, and research and development. c. There is an exodus of young people to another country where there is more political freedom. d. The unemployment rate falls from 33 percent to 12 percent.
A major component of the “cradle-to-grave” management system is
a. identification of hazardous waste b. a permit system for treatment, storage, and disposal facilities (TSDFs) c. a national manifest system for tracking through the waste stream d. all of the above e. (a) and (c) only
Suppose you received a 5 percent increase in your nominal wage. Over the year, inflation ran about 2 percent. Which of the following is true?
a. Your real wage fell. b. Your nominal wage fell. c. Both your nominal and real wages decreased. d. Although your nominal wage fell, your real wage increased. e. Both your nominal and real wages increased.
Google gained its monopoly power in the market for internet-search service because it:
A. Is a licensed natural monopoly B. Was first to market and gained consumer loyalty C. Took over the market from older firms through creative destruction D. Advertised its services very heavily