The following graph is the production possibilities curve of a nation:
Refer to the above graph. Which of the following combinations would be unattainable?
A. 8 drill presses and 1 bread
B. 7 drill presses and 2 bread
C. 10 drill presses and 4 bread
D. 2 drill presses and 3 bread
Answer: C
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A tax system under which an individual pays a higher fraction of his income in taxes at higher levels of income is formally described as
a. digressive. b. progressive. c. proportional. d. regressive.
For a monopolist, the marginal revenue gained when one more unit of output is sold is
A) the price at which the extra unit is sold minus the loss in revenue that results from cutting the price on units sold previously. B) equal to the price of the product. C) negative if price is above the midpoint of the demand curve. D) the average revenue created by the increased sales.