Consider the production possibilities frontier displayed in the figure shown. A society faced with this curve could choose to produce:
A. B, C, or D.
B. A, B, or C.
C. A, D, or C.
D. A, B, or D.
Answer: C
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Of the following explanations for why crime fell from 1990 to 2014, which does the Brennan Center suggest had an impact in the 1990s, but not after?
A. The increase in the number of police B. Longer effective sentences C. Higher rates of incarceration D. All of these
Answer the following statement(s) true (T) or false (F)
1. Economists mostly observe and study what people think, not what they do. 2. Our charitable actions for others are influenced by our assessment of our own benefits and costs. 3. Rational self-interest means that individuals try to weigh the expected marginal benefits and marginal costs of their decisions. 4. Theories and models are more complex versions of the real world used to explain and predict behavior.
Identify two ways by which the government controls monopolies?
What will be an ideal response?
National income accountants compare the market value of the total outputs in various years rather than actual physical volumes of production because: 2. Comparing market values over time has the
1. National income accountants compare the market value of the total outputs in various years rather than actual physical volumes of production because A. the percentages could never be the same. B. there is better information on the market value than the output level. C. it is impossible to add two different goods, say, oranges and computers. D. only information on the market values is available. 2. Comparing market values over time has the A. benefit of providing information for trend analysis. B. advantage that prices change over time. C. disadvantage that prices change over time. D. simplicity of a single measure.