The table above shows a production possibilities frontier for an economy. Which of the following combinations is unattainable?
A) 300 loaves of bread and 200 books
B) 100 loaves of bread and 800 books
C) 0 loaves of bread and 800 books
D) 200 loaves of bread and 800 books
E) 0 loaves of bread and 0 books
D
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Macroeconomics involves the study of the decision-making of individual firms or individuals
Indicate whether the statement is true or false
Refer to Figure 9.8. If free trade in sugar is replaced by a $50 tariff on sugar, the effect on domestic producer surplus will be to
A) lower it by $50. B) lower it by $12,500. C) leave it unchanged. D) raise it by $50. E) raise it by $12,500.
In a planned economy,
a. prices are used to coordinate economic activity. b. central planners set production targets and tell producers how to produce. c. high prices discourage use of the most scarce resources. d. central planners allow the price to determine distribution of a product.
Which is the most accurate statement?
A. The authority to run welfare programs resides mainly in the states. B. The authority to run welfare programs resides mainly in the federal government. C. When the 1996 welfare reform passed, it immediately removed 3 million people from the welfare rolls. D. The welfare reform law of 1996 will virtually abolish welfare by the year 2008.