Refer to the information provided in Figure 2.6 below to answer the question(s) that follow.
Figure 2.6Refer to Figure 2.6. An improvement in technology may be represented by a
A. movement along ppf1.
B. shift from ppf1 to ppf2.
C. movement along ppf2.
D. shift from ppf2 to ppf1.
Answer: B
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In an iron and steel plant with 4 blast furnaces, 40 laborers produce 160 tons of pig iron every day. The labor productivity in the firm is equal to _____
a. 0.25 ton per worker b. 4 tons per worker c. 10 tons per worker d. 0.1 ton per worker e. 40 tons per worker
An embargo is a prohibition against trading particular goods.
Answer the following statement true (T) or false (F)
Refer to the following graph.
FH is the ________, which tells us how much of good B must be exchanged on ________ market to obtain an additional good A
A. consumption possibilities curve; domestic B. production possibility curve; domestic C. production possibility curve; world D. consumption possibilities curve; world
Refer to the diagram for the corn market. What effect will a price support of B have on the gross income of farmers?
A. Gross income will be unchanged, although profits will rise.
B. Gross income will increase from 0MFG to 0BKL.
C. Gross income will increase from 0AJH to 0BCG.
D. Gross income will decrease from 0BCG to 0BKL.