Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable.
B. cannot be produced with the current state of technology.
C. represents underallocation of resources.
D. represents what the people want.
Answer: B
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"When the cost of producing a unit of a good falls because the firm uses specialized resources to produce a range of goods and services" is the definition of
A) economies of scope. B) economies of scale. C) economic efficiency. D) technological efficiency.
In the foreign exchange market, the quantity supplied of dollars is 300 whereas the quantity demanded of dollars is 500 results in a:
A) balance of payments surplus of 200. B) balance of payments deficit of 200. C) balance of payments surplus of -200. D) balance of payments deficit of -200.
There is ________ to how much increases in labor inputs can increase real GDP per capita, and there is ________ to how much increases in labor productivity can increase real GDP per capita
A) a limit; a limit B) a limit; no limit C) no limit; a limit D) no limit; no limit
The amount of wealth in American hands has been decreasing as a result of the growing trade deficit
a. True b. False