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Author Question: An efficient allocation of resources occurs when we A) produce the goods and services that people ... (Read 122 times)

sjones

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on: Jun 29, 2018
An efficient allocation of resources occurs when we
 
  A) produce the goods and services that people need.
  B) cannot produce more of a good or service without giving up some other good or service that we value more highly.
  C) produce the goods and services that people want.
  D) cannot produce more of a good or service without giving up some other good or service that we need.

Question 2

Between August 2007 and July 2008, Brazil exported more than 3.5 billion pounds of coffee to the rest of the world. Suppose the Brazilian government subsidizes the export of coffee by 0.42 per pound.
 
  Which of the following would be an outcome of this subsidy? A) Brazilian producers experience an increase in producer surplus.
  B) Brazilian consumers experience an increase in consumer surplus.
  C) Producers from the rest of the world experience a gain in producer surplus.
  D) Brazilian coffee exports would decrease.


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poopface

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

A


sjones

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Reply #2 on: Jun 29, 2018
Thank you :)


poopface

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Reply #3 on: Jun 29, 2018
Happy to help you


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