According to the diagram in the figure above, an allocatively efficient use of resources requires that production and consumption of gasoline be
A) 1 million gallons of gasoline per month.
B) 2 million gallons of gasoline per month.
C) 3 million gallons of gasoline per month.
D) 4 million gallons of gasoline per month.
B
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The Federal Open Market Committee consists of
a. the president and the Board of Governors. b. Congresspeople, Senators, and the Board of Governors. c. the Secretary of the Treasury and the Board of Governors. d. the Board of Governors and five district bank presidents.
The price elasticity of demand for mobile phones
a. will be higher if there is an improvement in the production technology. b. will be lower if consumers perceive mobile phones to be a necessity. c. is computed as the percentage change in the price of mobile phones divided by the percentage change in quantity of mobile phones. d. All of the above are correct.