Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable.
B. cannot be produced with the current state of technology.
C. represents underallocation of resources.
D. represents what the people want.
Answer: B
Economics
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The inflation rate is the
a. absolute change in real GDP from one period to another. b. percentage change in real GDP from one period to another. c. absolute change in the price level from one period to another. d. percentage change in the price level from one period to another.
Economics
When the price of a normal good decreases, people increase their consumption of the good. The reason is
A) the law of diminishing marginal utility. B) the substitution and income effects. C) the substitution effect only. D) the income effect only.
Economics