An increase in available resources will tend to cause a society's production possibilities curve to shift inward
a. True
b. False
Indicate whether the statement is true or false
False
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Using a graph, illustrate the effect that an increase in production costs will have on the equilibrium price and quantity of a good
What will be an ideal response?
Very Technical is a firm that sells computing equipment. It costs Very Technical $150 for each order of computer monitors and the variable cost of placing an order is $10 per monitor. If Very Technical sells 5,000 computer monitors a year and they order 250 monitors, what is the annual ordering cost of the monitors?
A) $110,000 B) $67,000 C) $85,250 D) $53,000
Corrective taxes differ from most taxes in that corrective taxes
a. reduce economic efficiency. b. do not raise revenue for the government. c. do not cause deadweight losses. d. always result in a high burden on sellers of goods to which the corrective tax applies.
Which of the following is an example of lower production costs brought about by the use of technology?
a) the delivery costs of gasoline to the consumer by diesel trucks b) the use of e-mail to replace slower surface mail c) the making of breads and pastries in local shops rather than large bakeries d) the importing of fresh vegetables from South America rather than using canned vegetables