A true understanding of the consequences of public debt requires knowledge only of the current deficit's magnitude
Indicate whether the statement is true or false
F
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Any output combination along a production possibility frontier is associated with overused or unattainable resources
Indicate whether the statement is true or false
Lisa has an income of $250 per week, which she spends entirely on milk and eggs. The price of milk is $2 per gallon and the price of a dozen eggs is $1
What is the opportunity cost of a gallon of milk? If the price of a dozen eggs rises to $1.50, what happens to the opportunity cost of a gallon of milk?
In drilling a new oil well in an existing oil field, the fact that output on existing wells is reduced means that:
a. existing wells have negatively sloped MC curves. b. existing wells and new wells are owned by different people. c. existing wells and new wells are owned by the same people. d. there is a discrepancy between private and social marginal costs.
An example of peak pricing is charging
a. more for long-distance phone calls in the daytime. b. less for electricity at night. c. more for public transportation in rush hours. d. All of the above are true.