The production possibilities frontier is a graph showing the
A) exact point of greatest efficiency for producing goods and services.
B) tradeoff between free lunches.
C) maximum combinations of goods and services that can be produced.
D) minimum combinations of goods and services that can be produced.
E) resources available for the economy's production use.
C
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The higher the bid in a first-price sealed-bid auction, the ________ the chances of winning and the ________ the surplus earned
A) higher; higher B) higher; lower C) lower; higher D) lower; lower
As measured, GDP omits which of the following? i. Illegal sales of goods and services ii. Changes in the amount of leisure time iii. Household production of goods and services
A) i only B) i and ii C) ii and iii D) i and iii E) i, ii, and iii
Gross national product is the total market value of
A. all final goods and services produced in a country in a given year, regardless of who owns the resources. B. all final and intermediate goods and service produced by resources owned by a country in a given year. C. all final and intermediate goods and services produced in a country, regardless of who owns the resources. D. all final goods and services produced by resources owned by a country, regardless of where production takes place.
Which of the following is a microeconomics question?
A. Should Congress and the president take action to reduce global warming? B. Is it sensible for a government to subsidize tobacco production? C. Why do some countries grow faster than others? D. Should the government attempt to influence the interest rate to lower inflation?