The figure above shows the production possibilities frontier for a country. A combination of 4 million gallons of milk and 4 million gallons of ice cream is
A) unattainable and production efficient.
B) attainable and production efficient.
C) unattainable.
D) attainable and production inefficient.
E) More information is needed to determine if the point is attainable or not.
C
Economics
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The lowest wage for which a person is willing to supply labor is known as the
A) substitution wage. B) income effect. C) derived wage. D) reservation wage.
Economics
When you get a car loan, the lending institution usually sends a check directly to the car dealer. Such a practice
A) helps forestall moral hazard. B) helps forestall adverse selection. C) gives rise to moral hazard. D) gives rise to adverse selection.
Economics