In Figure 2.1, Box 6 would be labeled
A. Q/t for quantity per unit of time.
B. S for supply.
C. P for price.
D. P* for equilibrium price.
Answer: A
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Which of the following could lead to an inward shift of the production possibilities frontier?
a. an increase in the cost of one good b. an increase in the utilization of resources c. a rise in the level of technology d. a law is passed whereby a mandatory retirement age of 60 is imposed e. a decrease in the utilization of resources
The figure below shows the production-possibility curves of Canada (AB) and the rest of the world (CD). I1 and I2 are community indifference curves for Canada and the rest of the world. In the absence of trade, Canada consumes ________ bales of cotton and ________ bushels of wheat.
A. twenty; six B. twelve; eleven C. sixteen; six D. twenty; three
Today, the United States charges an average tariff rate
A) that is more than its average tariff rate in 1930. B) which is greater than any other high-income country. C) of less than 1.5 percent. D) that exceeds 50 percent.
Refer to the given data. At what price does each shoe shine sell?
Answer the question on the basis of the following information for Manfred's Shoe Shine Parlor.
Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe
shines are also sold competitively.
A. $1.
B. $2.
C. $3.
D. $2.50.