Consider a country that produces only two goods: bird feeders and binoculars. Suppose it is possible for this country to increase its production of bird feeders without producing fewer binoculars
In this case, its current output combination is inefficient.
Indicate whether the statement is true or false
TRUE
You might also like to view...
In the above figure, when the quantity equals 400 pretzels
A) consumers are willing to pay $2 for the 400th pretzel. B) producers are willing to supply 400 pretzels for $3. C) producers are willing to supply 400 pretzels for $2. D) the marginal benefit is greater than the marginal cost.
If the price of a good falls, the marginal utility per dollar spent on that good:
a. also falls. b. stays the same. c. rises. d. will rise or fall, depending on the consumer. e. remains unchanged, provided the consumer buys no more of the good.
The event that occurred in the second term of President George W. Bush which effectively halted discussions of Social Security reform was
A. a breakdown of political stability in Afghanistan. B. Hurricane Katrina. C. the surge in Iraq. D. the invasion of Iraq.
The demand for money can be stated as M = (P x Y)/V.
a. true b. false