The points on a production possibilities curve show
A. Potential output.
B. Desired output.
C. Actual output.
D. None of the choices are correct.
Answer: A
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Explain using welfare measures whether consumers prefer a single price monopoly or a perfectly price discriminating monopoly
What will be an ideal response?
Which of the following did the Fair Labor Standards Act (FLSA) of 1938 not accomplish?
a. Lowered the maximum work week to 44 hours for many industries. b. Outlawed companies' rights to break union strikes. c. Prohibited many forms of child labor. d. Set a minimum wage for laborers.
In 2009, the 20 percent of families with the lowest incomes paid an effective average federal tax rate (on all federal taxes) of about ____, whereas the 20 percent of families with the highest incomes paid an effective average tax rate of about ____
A. 5.5 percent; 50 percent B. 10.3 percent; 30.9 percent C. 8.4 percent; 27.5 percent D. 1.0 percent; 23.2 percent
Andrew has the utility of wealth curve shown in the above figure. He owns an SUV worth $30,000 and that is his only wealth. There is a 10 percent chance that he will have an accident within a year. If he does have an accident, his SUV is worthless
Suppose all SUV owners are like Andrew. An insurance company agrees to pay each person who has an accident the full value of his/her SUV. The company's operating expenses are $1,500. What is the minimum insurance premium that the company is willing to accept? A) $1,500 per year B) $4,500 per year C) $3,000 per year D) $6,000 per year