The table above gives four production possibilities for airplanes and cruise ships. In possibility A, how many resources are devoted to the production of airplanes?
A) 0
B) few
C) most
D) all
E) It is impossible to tell without more information about the prices of airplanes and cruise ships.
D
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Which of the following is a possible market solution to the lemons problem?
A) Producers might offer product guarantees and warranties. B) Producers might be required to meet certain legal standards to obtain licenses granting the right to sell their products. C) Government agencies might be charged with directly overseeing production and distribution of certain products. D) Liability laws might be established to ensure that firms selling certain products must face penalties in the event the products function poorly.
Refer to the diagram. If line (c) represents the distribution of income in 1975 in the United States, we would expect the distribution of income for 2011 to be more like:
A. line (a).
B. line (b).
C. line (c).
D. line (d).