If the economy were producing at point F,
A. it would not be using its resources efficiently.
B. it would be in a recession.
C. it could gain units of guns without having to sacrifice units of butter.
D. it would specializing exclusively in butter production.
D. it would specializing exclusively in butter production.
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If the United States government lowers the income taxes on the wealthiest Americans, while decreasing welfare payments to the poorest Americans, the result will likely be an _____ in efficiency and a ________ in equality in the United States.
Fill in the blank(s) with the appropriate word(s).
There is a compensated demand (or MWTP) curve for every indifference curve just as there is an uncompensated demand curve for every income level.
Answer the following statement true (T) or false (F)
If stocks are riskier than bonds, why would a rational investor ever buy stocks?
What will be an ideal response?
In The Economy Tomorrow analysis in the text stated that thousands of people were waiting for a kidney transplant. Which of the following statements is true?
A. There is not an organ shortage. B. Allowing the sale of kidneys at a price greater than zero would likely increase the number of available kidneys. C. A price ceiling of zero is effectively a prohibition against donating organs. D. Allowing the sale of kidneys at a price greater than zero would decrease the number of available kidneys.