Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable.
B. cannot be produced with the current state of technology.
C. represents underallocation of resources.
D. represents what the people want.
Answer: B
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When a student uses a credit card to buy an iPod, the student is
A) borrowing in the bond market. B) borrowing in the loan market. C) lending in the stock market. D) lending in the bond market. E) lending in the loan market.
Control of a scarce resource or input can serve as an entry barrier.
Answer the following statement true (T) or false (F)
You are the mayor of your home town, and one day you arrive at city hall to find angry voters demonstrating against you. They are mad because your office created a garbage-collection monopoly by awarding only one company a permit to collect garbage in
your town. The voters claim that the company is overcharging and providing poor service. They want you to do something that will lower rates and improve service. You call your staff economist, who presents evidence that there are substantial increasing economies of scale to garbage collection. What are your options if you are interested in efficiency?
What is a bond buyer promised when she buys a bond?