The ________ production points on a production possibilities frontier are the points along and inside the production possibilities frontier

Which of the following provides support for the use of discretion in economic policy-making?

A) any policy rule that is based on a particular model will prove wrong if that model is wrong B) the existence of a political business cycle C) the conclusions of Friedman and Schwartz with respect to monetary and fiscal policy D) the Watergate scandal

Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no clothing. The tailor has 40 units of clothing but no food. Suppose each has the utility function U = F ? C. The price of clothing is always $1

What is the competitive equilibrium price for food? A) $5 B) $4 C) $3 D) $2