Refer to Figure 1.7. The benefit of producing at point G rather than point D is
A. AB units of food.
B. OA units of food.
C. KL units of clothing.
D. OL units of clothing.
Answer: C
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The above figure shows the market for steel ingots. What is the total surplus under social optimum?
A) $2500 B) $5000 C) $6500 D) Not enough information.
Opportunity cost is objective; therefore, its value does not change as circumstances change
a. True b. False
_____ are the primary population group with poverty-level incomes in the USA
a. Single-income households b. Households headed by males c. College graduates d. People who do not have high school education e. Retired individuals
If resources are better suited toward the production of one good than toward another good, then the PPF for those two goods is
A) a straight line. B) bowed outward. C) upward sloping. D) any of the above