Since resources are not equally substitutable across uses:
a. the production possibilities curve will be positively sloped.
b. the production possibilities curve will be a straight line
c. the production possibilities curve will be bowed outward.
d. the production possibilities curve will be bowed inward.
c
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Which of the following are not considered part of government purchases?
A) a tank purchased by the federal government B) teachers' salaries paid by a local government C) a bridge purchased by the state government D) welfare benefits
Allowing bank branching across state lines gives banks greater ability to coordinate bank operations. This makes it easier for them to receive the benefits of
A) the dual banking system. B) economies of scale. C) disintermediation. D) interest-rate irregularities.
Product differentiation complicates the study of oligopolies because such markets may not:
a. be efficient. b. have prices equal to marginal cost. c. have free entry and exit. d. obey the law of one price.
If Vito decides to work 30 hours instead, his marginal utility loss from having less leisure will be 34.
a. 15
b. 21
c. 27
d. 8