Refer to Table 2-1. Assume Dina's Diner only produces sliders and hot wings. A combination of 20 sliders and 60 hot wings would appear
A) along Dina's production possibilities frontier.
B) inside Dina's production possibilities frontier.
C) outside Dina's production possibilities frontier.
D) at the vertical intercept of Dina's production possibilities frontier.
B
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Figure 11-1
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In Figure 11-1, to reach the level of potential GDP, the administration of President Obama would most likely advocate
A. increasing Social Security payments. B. decreasing defense spending. C. decreasing personal income taxes. D. All of the above are correct.
Demand is said to be price elastic at a point on a demand curve if a
A. 1 percent rise in price reduces the quantity demanded by more than 1 percent. B. 1 percent rise in price reduces the quantity demanded by less than 1 percent. C. 1 percent rise in price reduces the quantity demanded by more than 10 percent. D. 10 percent rise in price reduces the quantity demanded by less than 10 percent.
More water pollution in the United States comes from __________ than any other source
a. factories b. sulfur dioxide (i.e., acid rain) c. cars d. chemicals (used in pesticides and fertilizers) and sewage e. garbage
A shortage exists in the market for corn at the prevailing price. The shortage will be eliminated by a price: a. increase, increasing the supply and decreasing the demand
b. decrease, increasing the supply and decreasing the demand. c. decrease, increasing the quantity supplied and decreasing the quantity demanded. d. increase, increasing the quantity supplied and decreasing the quantity demanded.