Using Figure 1.6, we know the production of 90 units of soda and 2 units of pizza is 
A. impossible because we have the technology but do not have the resources.
B. possible, but only if all resources were fully employed.
C. possible, but there would be unemployed resources.
D. impossible because we have the resources but do not have the technology.
Answer: B
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Use the graph below to answer the next question.
Other things equal, an increase the wages of nurses in the United States would:
A. move from b to a on D1. B. move from a to b on D1. C. shift from D2 to D3. D. shift from D3 to D2.
________ is the first step in the planning process according to a Model (diagram) in the book
a. Implementing b. Gathering and analyzing information c. Awareness d. Evaluation
A market with an externality can
A. underproduce or overproduce a good. B. stabilize. C. operate efficiently without government intervention. D. move from a production point inside the production possibilities curve to a pareto optimal point.
Which of the following indicates a fall in revenue?
a. Price decreases 20%; quantity demanded increases 25%. b. Price decreases 15%; quantity demanded increases 8%. c. Price decreases 5%; quantity demanded increases 10%. d. Price decreases 12%; quantity demanded increases 15%.