Refer to the above figure. Which of the following points indicates an efficient use of resources?
A) a
B) d
C) e
D) More information is needed to answer the question.
C
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
Silvia's opportunity cost of producing one computer is ________ pounds of beef.
A. 1/50 B. 25 C. 1/25 D. 50
If opportunity costs are constant, then
A) the production possibilities curve does not exist. B) the production possibilities curve bows outward. C) the production possibilities curve is a negatively sloped straight line. D) factors of production must not be fully employed.
Which of the following is NOT a characteristic of a perfectly competitive industry?
A. The firms in the industry produce a homogeneous product. B. There are large numbers of buyers and sellers. C. Sellers have better information about the product than consumers. D. Any firm can enter or leave the industry without serious impediments.