The figure above provides information for a factory that produces chemicals that pollute a waterway. The waterway is used by water skiers. The efficient quantity of chemicals to produce is ________ tons of chemicals a week
A) 1 ton
B) as many tons as possible
C) 3 tons
D) 5 tons
C
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Which of the statements below best captures the meaning of competition as discussed in Chapter 5?
A) Competition is a process; it makes everyone in the society better off even though there can only be one winner. B) Competition is an individualist system in which people do not concern themselves with the welfare of others. C) Competition is the law of the jungle producing social wealth. D) Competition is the process of trying to outdo others. E) Competition occurs when people strive to satisfy the criteria others are using to allocate valued goods.
Refer to Figure 10.7. A movement from point A to point D could be caused by
A) a positive demand shock accompanied by an increase in the default-risk premium. B) a decrease in consumer confidence accompanied by a decrease in the expected rate of inflation. C) a negative demand shock accompanied by an increase in the target interest rate. D) an increase in consumer confidence accompanied by a decrease in the term premium investors expect in the future.