Requiring that barbers have licenses, restricts entry and
A) raises the average quality of hair cuts.
B) increases the costs of getting a hair cut.
C) may increase or decrease welfare.
D) All of the above.
D
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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
Use the following figures to answer the next question.
Refer to the above figures with consumption schedules in figure (A) and saving schedules in figure (B), which correspond to each other across different levels of disposable income. If in figure (A), consumption increases along line A2, then in figure (B) there would be a
A. movement up along line B2. B. shift from line B2 to B3. C. shift from line B2 to B1. D. movement down along line B2.