By better utilizing existing resources, an economy can produce at a point outside of its current production possibilities frontier
a. True
b. False
B
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The law of demand states that, ceteris paribus, an increase in
a. price causes quantity demanded to increase. b. price causes quantity demanded to decrease. c. quantity demanded causes price to increase. d. quantity demanded causes price to decrease.
The lack of long-term economic development prevalent among many LDCs is evidence that relatively efficient economic markets may lead to socially undesirable outcomes
Indicate whether the statement is true or false
A transfer payment is
a. income that is received but not earned b. income that is earned but not received c. included in GDP to account for the spending on capital depreciation d. part of personal disposable income but not personal income e. always equal to the taxes that the government collects
The game theory approach to the analysis of oligopoly assumes that oligopolists
a. ignore their interdependence. b. behave with little forethought. c. do not take their businesses seriously. d. act strategically.