Refer to Figure 2-3. Carlos Vanya grows tomatoes and strawberries on his land. A portion of his land is more suitable for growing tomatoes and the other portion is better suited for strawberry cultivation. Which of the graphs in Figure 2-3 represent his production possibilities frontier? (Points : 1)
Graph A Graph B Graph C either Graph A or Graph B either Graph B or Graph C
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9. A successful market economy requires well defined property rights and (Points : 1)
balanced supplies of all factors of production. an independent court system to adjudicate disputes based on the law. detailed government regulations. a safety net to ensure that those who cannot participate in the market economy can earn an income.
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a car produced by an auto manufacturer. a worker hired by an auto manufacturer. a loan granted to an auto manufacturer. the automobiles exported by an auto manufacturer.