A production possibilities frontier with a bowed-outward shape indicates
A) the possibility of inefficient production.
B) increasing opportunity costs as more and more of one good is produced.
C) decreasing opportunity costs as more and more of one good is produced.
D) constant opportunity costs as more and more of one good is produced.
B
You might also like to view...
We can find the market supply for phones by:
A. adding all of the prices at which sellers are willing to sell phones. B. multiplying the number of sellers by the number of consumers. C. adding the number of phones buyers want to buy at each price level. D. adding the individual supply curves for phones.
Inflation tends to:
A. Increase productivity B. Decrease input prices C. Increase the strength of the multiplier D. Reduce the strength of the multiplier
Assume the U.S. population is 300 million. If the working age population is 240 million, 150 million are employed, and 6 million are unemployed, what is the labor force?
A) 300 million B) 240 million C) 156 million D) 150 million E) 144 million
Which of the following is most likely to result from a stronger dollar?
A) U.S. goods exported aboard will cost less in foreign countries, and so foreigners will buy more of them. B) U.S. goods exported aboard will cost more in foreign countries and so foreigners will buy more of them. C) U.S. goods exported abroad will cost more in foreign countries, and so foreigners will buy fewer of them. D) Americans will purchase fewer foreign goods.