According to the text, on a kibbutz in Israel
a. farmers produce oranges no matter what the price
b. members are not profit maximizers
c. there is no link between an individual's effort and reward
d. universal equality is seen as unrealistic
e. high-tech manufacturing is not feasible
C
Economics
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If an economy is operating at a point inside the production possibilities frontier, then
A) society's resources are being inefficiently utilized. B) the PPF curve will shift inward. C) society's resources are being used to produce too many consumer goods. D) economic policy must retard further growth of the economy.
Economics
A firm in perfect competition perceives the demand curve to be downward sloping
Indicate whether the statement is true or false
Economics