Points below the production possibilities frontier are inefficient because it is possible to make someone better off without making anyone else worse off
a. True
b. False
Indicate whether the statement is true or false
True
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Adjudication, as discussed in the text, is a process for settling disagreements by supporting and enforcing which rights?
A) Rights based on an original act of mixing human labor with previously unowned resources B) The most ancient rights, whether or not they have been enforced C) The most widely and confidently accepted rights D) The rights of the majority
A decrease in the level of cyclical unemployment will shift the long-run Phillips curve
Indicate whether the statement is true or false
The marginal propensity to consume is calculated by
A. dividing income by consumption. B. dividing the change in consumption by the change in income. C. dividing consumption by income. D. dividing the change in income by the change in consumption.
The value of the best alternative foregone is the opportunity cost of making a decision.
Answer the following statement true (T) or false (F)