Which of the following is likely to affect the position and shape of society's production possibilities frontier?
a. volume of physical resources
b. level of labor skills
c. level of technology
d. amount of factories on hand
e. All of the above are correct.
e
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Explain how gross investment, depreciation, net investment, and the capital stock are related
What will be an ideal response?
Which of the following arguments could be made as evidence that the market for cage-free eggs is perfectly competitive?
A) As more farmers began selling cage-free eggs, the increase in supply has driven down prices to the point where they just cover the cost of production. B) Sales of cage-free eggs have increased at a rate of 20 percent per year. C) The profits earned by farmers who sell cage-free eggs have continued to grow, despite the increasing number of farmers entering this market. D) The U.S. Department of Agriculture has established standards for the labeling of cage-free eggs.
Writing in the New York Times on the technology boom of the late 1990s, Michael Lewis argues, "The sad truth, for investors, seems to be that most of the benefits of new technologies are passed right through to consumers free of charge"
What does Lewis means by the benefits of new technology being "passed right through to consumers free of charge"? A) In the long run, price equals the lowest possible average cost of production. In this sense, consumers receive the new technology "free of charge." B) Firms in perfect competition are price takers. Since they cannot influence price, they cannot dictate who benefits from new technologies, even if the benefits of new technology are being "passed right through to consumers free of charge." C) In perfect competition, price equals marginal cost of production. In this sense, consumers receive the new technology "free of charge." D) In perfect competition, consumers place a value on the good equal to its marginal cost of production and since they are willing to pay the marginal valuation of the good, they are essentially receiving the new technology "free of charge."
The United States 2007 Gross-Public-Debt to GDP ratio is
a. similar to the ratios in most of the OECD countries b. considerably higher than it is in most OECD countries c. considerably lower than it is in most OECD countries d. considerably higher than it was in 1990 e. considerably lower than it was in 1990