Refer to Table 3-40. Italy should specialize in the production of
a. boats and import cars
b. cars and import boats
c. both goods and imports neither good
d. neither good and import both goods
Answer: a. boats and import cars
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The table above lists six points on the production possibilities frontier for grain and cars. From this information you can conclude that production is inefficient if this economy produces
A) 6 tons of grain and 18 cars. B) 4 tons of grain and 26 cars. C) 2 tons of grain and 27 cars. D) 8 tons of grain and 10 cars.
Explain the concept, goals, and methods of integrated rural development
What will be an ideal response?
"No individual should have less than $20,000 income in the United States in 2017" is an example of
A) a normative statement. B) a positive statement. C) an illogical and refutable statement. D) a truism.
If regulators force a natural monopoly to price as a perfectly competitive firm would, the natural monopolist
A) will experience a lower marginal cost. B) will earn an economic loss. C) will expand its output. D) will experience a rise in long-term average costs.