The above table shows production combinations on a country's production possibilities frontier. Which of the following is an example of a point that is unattainable?
A) 0 units of good X and 40 units of good Y
B) 6 units of good X and 28 units of good Y
C) 10 units of good X and 16 units of good Y
D) 3 units of good X and 35 units of good Y
C
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Which of the following could be evidence of a market failure?
A) There are only a handful of firms competing against each other in an industry. B) The market price of a product is above the average cost of production. C) Resources in an economy are not fully utilized. D) Market prices do not reflect true production costs.
An increase in the price of butter, a substitute good, would be most likely to cause
a. a rightward shift of the demand curve for margarine b. a leftward shift of the demand curve for margarine c. the quantity of margarine demanded to increase d. the quantity of margarine demanded to decrease e. a decrease in the price of margarine
If firms accused of antitrust violations sign a consent decree, they have
a. admitted guilt and accept the lawful penalties b. admitted guilt, but are relieved of any penalties by agreeing to cease the violations c. agreed to cease the alleged wrongdoing, without admitting guilt d. denied the accusation and requested a formal hearing or trial e. denied the accusation and given proof that it is untrue
In order for insurance companies to generate predictable payout, they need to:
A. spread the risk across many policies. B. accept policyholders from a very specific geographic area. C. offer only life insurance. D. focus on insuring only specific events, for example only fire.