The figure above shows the production possibilities frontier for a country. A combination of 3 million gallons of milk and 3 million gallons of ice cream is
A) unattainable and production efficient.
B) unattainable.
C) attainable and production inefficient.
D) attainable and production efficient.
E) More information is needed to determine if the point is attainable or not.
D
Economics
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Suppose the price of a product is $4 and the nominal wage that the firm must pay is $20. Then the firm's real wage is
A) $5. B) $0.20. C) $4. D) $20. E) $80.
Economics
In the above figure, if the economy is at point a, an increase in ________ will move the economy to ________
A) real wealth from the fall in the price level; point b B) real wealth from the fall in the price level; point c C) expected future income; point c D) expected future income; point d
Economics