ECON 1000 Midterm: ECON1000_Summer2018_Exam1A
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All output combinations on the ppf are attainable and efficient. All output combinations below the ppf are attainable and efficient. All output combinations above the ppf are inefficient. All output combinations above the ppf are efficient. An increase in the number of consumers of pizza. The present day economic system of germany is best described as _______________. More than one (perhaps all) of the above answers is correct. the principle of comparative advantage. money. the invisible hand. an economic system. The set of rules and methods put in place by a society to answer (directly or indirectly) the three fundamental economic questions can be described as. For questions 11 through 13, consider the following scenario. Arthur and bedevere spend their workdays producing coconuts and shrubberies. The table below provides a summary of the number of units of each good that each worker produces in a full workday. Answer the following questions based upon these values.
