Joe trades an apple to Winston for two oranges. Because the exchange is voluntary, we can conclude that
a. Joe is better off because he gets two things but Winston is worse off because he gives up more items than he receives.
b. Winston is better off because he gives more than he receives.
c. both Joe and Winston are worse off.
d. both Joe and Winston are better off.
Answer: d. both Joe and Winston are better off.
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A. The increase in demand was greater than the decrease in supply B. The decrease in demand was greater than the decrease in supply C. The increase in supply was greater than the decrease in demand D. The decrease in supply was greater than the increase in demand
Allocative efficiency best explains ________, and productive efficiency best explains ________
A) how something will be produced; when something will be produced B) when something will be produced; why something will be produced C) why something will be produced; what will be produced D) what will be produced; how something will be produced
Most doctors and hospitals operate as private businesses in all of the following countries except
A) the United Kingdom. B) the United States. C) Japan. D) Canada.
What is the marginal product of labor and what is the average product of labor
What will be an ideal response?