A government policy generates $10,000 of benefits to underprivileged youth at a cost of $5,000 to taxpayers. The policy is Pareto efficient.
Answer the following statement true (T) or false (F)
False
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Suppose we are considering the milk market and we have two sets of values, as shown by the numbers in parentheses, which represent two points on a line: (59 billion quarts; $4) and (78 billion quarts; $6). This line is most likely a
A. production possibilities frontier for milk. B. supply curve for milk. C. demand curve for milk. D. ray through the origin. E. time series line.
Which of the following is false?
a. A resource is anything that can be used to produce anything else we value. b. Resources are costly because they have alternative uses c. Losses mean resources are not being used efficiently. d. None of the above is false; all are true.
The table below shows how the payoffs to two political candidates depend on whether the candidates run a positive or negative campaign. The payoffs are given in terms of the percentage change in the number of votes received.
Running a negative campaign is ________ for the ________ candidate.
A. a dominant strategy; Democratic B. a dominated strategy; Democratic C. neither a dominant nor dominated strategy; Republican D. a dominated strategy; Republican
Using Figure 8.2, a decrease in real output resulting from the profit effect would be depicted as a movement from point
A. A to point C. B. B to point C. C. B to point A. D. C to point B.