Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable.
B. cannot be produced with the current state of technology.
C. represents underallocation of resources.
D. represents what the people want.
Answer: B
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A country producing a combination of 5 units of guns and 6 units of butter would be _________________ (outside/on/inside) the production possibilities curve
What will be an ideal response?
The most important thing about higher labor productivity is that it means
A) we can compete well with other nations. B) we are doing better than anyone else is. C) we can achieve a happier population. D) we can have a higher standard of living.
If the value of the U.S. dollar appreciates in foreign exchange markets then this will likely cause
a. the relative price of American exports to rise for foreigners interested in buying U.S. exports. b. the relative price of American imports to fall for Americans interested in buying U.S. imports. c. U.S. exports to fall and U.S. imports to rise creating a balance of trade deficit. d. All of the above.
Recall the Application regarding the elasticity of demand for public transit varying over time to answer the following question(s).According to the Application, the demand for public transit is:
A. inelastic. B. elastic. C. perfectly inelastic. D. perfectly elastic.