Refer to the diagram. At output level Q 2 :
A. resources are overallocated to this product and productive efficiency is not realized.
B. resources are underallocated to this product and productive efficiency is not realized.
C. productive efficiency is achieved, but resources are underallocated to this product.
D. productive efficiency is achieved, but resources are overallocated to this product.
A. resources are overallocated to this product and productive efficiency is not realized.
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When two countries specialize in the production of different goods and trade with each other, it is most likely each country will
A) export the goods in which it has a comparative advantage. B) export the goods in which it has an absolute advantage. C) import the goods in which it has a comparative advantage. D) import the goods in which it has an absolute advantage.
During the 1920s, income inequality ______ and the return on schooling was relatively _____
a. increased; low b. increased; high c. decreased; low d. decreased; high
The most important factor in the demise of the debt peonage in the post-Civil War South was:
a. the impact of the boll weevil. b. improved roads. c. the automobile. d. increased urbanization and industrialization.
Unemployment may force families to move to areas with lower-quality education systems and to forgo, or at least postpone, college education
a. True b. False Indicate whether the statement is true or false