Production cannot occur without
a. saving
b. government
c. a market system
d. low interest rates
e. high interest rates
A
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If Sam is producing at a point on his production possibilities frontier, then he
A) cannot produce any more of either good. B) can produce more of one good only by producing less of the other. C) will be unable to gain from trade. D) is not subject to scarcity.
A school of tuna swimming in the ocean is
A) nonexcludable and rival. B) excludable and rival. C) nonexcludable and nonrival. D) excludable and nonrival.
Refer to Figure 3.2. Which assumption concerning preferences do Alvin's indifference curves violate?
A) Diminishing marginal rates of substitution B) Transitivity of preferences C) More is preferred to less D) Completeness E) both A and C
The following are possible examples of price discrimination, EXCEPT:
a. prices in export markets are lower than for identical products in the domestic market. b. senior citizens pay lower fares on public transportation than younger people at the same time. c. a product sells at a higher price at location A than at location B, because transportation costs are higher from the factory to A. d. subscription prices for a professional journal are higher when bought by a library than when bought by an individual.