Refer to the information provided in Figure 2.4 below to answer the question(s) that follow. Figure 2.4According to Figure 2.4, which point cannot be produced with the current state of technology?

A. A
B. B
C. C
D. F


Answer: D

Economics

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The shapes of the curves in the AS/AD model are based upon the:

A. principle of opportunity cost. B. relationship between the price level and total output. C. principle of substitution. D. relationship between a single good and its price.

Economics

In the long run, which of the following is likely to be a variable cost?

A. Wage costs but not costs for equipment. B. Rent, wages, and all other costs are variable in the long run. C. Factory rental but not wage costs. D. Interest payments on borrowed funds but not utilities.

Economics

Many economists argue that real GDP is

A. not a good measure of economic well-being because it excludes increases in leisure time. B. a good measure of economic well-being because it includes changes in personal safety. C. a good measure of economic well-being because it includes increases in leisure time. D. not a good measure of economic well-being because it overvalues increases in leisure time.

Economics

In a natural monopoly situation

A) there are large economies of scale relative to demand. B) the firm has an upward sloping average cost curve. C) producers try to differentiate their product with advertising. D) there is no need for government regulation.

Economics