The above table shows the daily production possibilities for a nation. Given the production possibilities schedule in the above table, a combination of 60 televisions and 40 cars
A. is not attainable because society does not have enough resources to produce this combination.
B. would be attainable only if a new technology of producing televisions or carss were introduced.
C. is attainable but involves an inefficient use of society's resources.
D. is not attainable because it is not listed in the schedule.
Answer: C
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Suppose at the current level of labor used, MRP = $100 and MFC = $100. To maximize profits, the firm should
A) hire more labor. B) reduce the level of labor. C) maintain the current level of labor. D) shut down.
Private property rights are important because:
a. they create incentives for people to improve their standard of living. b. the Constitution says so. c. they allow students to choose their major field of study in college. d. an economy cannot function without them. e. goods cannot be produced without them.
Factors that help determine the level of planned investment include
a. profit expectations. b. the interest rate. c. the size and age of the existing stock of capital. d. All of these.
Aggregate demand represents the _____ at alternative price levels
a. total spending in the economy b. total saving in the economy c. total money demand in the economy d. total output of the economy e. total money supply in the economy