Buyers and sellers of a particular good make up the:
A. demand for the good.
B. production possibilities curve for the good.
C. market for the good.
D. supply for the good.
Answer: C
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FasterChip, Inc is considering five alternative techniques for assembling personal computers. The table shows the amounts of labor and capital required by each of these techniques to make 10 computers a day
Labor costs $15 an hour and capital costs $100 a unit. a) Which techniques are technologically efficient and which are not? Explain your answer. b) Which technique is economically efficient? Explain. c) If FasterChip uses its plant in Mexico, it can lower the labor cost to $10 an hour. Which technique will the company use in Mexico? Explain.
Refer to Figure 14.1. Other things equal, an increase in transfer payments is best represented as a movement from
A) point A to point B. B) point B to point A. C) point C to point A. D) point B to point C.
In a closed economy, the formula for private saving is: Sprivate = Y - C - T + TR
a. True b. False Indicate whether the statement is true or false
Which of the following is often used to describe regional trade agreements that discriminate, giving better tariff treatment to other nations in the agreement over outside nation?
a. super-regionals b. preferential trade agreements c. exclusive trade arrangements d. equity trade agreements