The point of intersection between an indifference curve and a demand curve is allocatively efficient
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following statements is TRUE?
A) At the efficient quantity, marginal social benefit equals marginal social cost. B) Marginal social cost increases as the quantity produced decreases. C) Marginal social benefit decreases as the quantity consumed decreases. D) If marginal social benefit exceeds marginal social cost by as much as possible, production is efficient.
In the above figure, a price of $1.25 and a quantity of 5 million gallons of milk per day maximizes the
A) amount of consumer surplus. B) amount of producer surplus. C) sum of consumer surplus and producer surplus. D) All of the above answers are correct.
If GDP is currently $13 trillion and is growing at a rate of 2.3% per year, how long will it take GDP to reach $26 trillion?
A) about 15 years B) about 17 years C) about 25 years D) about 30 years
Countries tend to export different goods and services because of:
a. differences in their comparative advantages. b. differences in tastes and technological needs. c. differences in income. d. similarities in resource endowment. e. differences in the exchange rates.