The production possibilities curve shows all possible combinations of
A. two goods that can be efficiently produced with a given set of resources.
B. two goods that are desired by society.
C. two goods that can be purchased given the prices of the goods.
D. two goods that two countries can trade with each other.
Answer: A
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Suppose that in an hour Joe can prepare 10 sandwiches or 5 pizzas. The opportunity cost of Joe producing one sandwich is
A) 2 pizzas. B) 1/2 pizza. C) 5 pizzas. D) 1 pizza.
Why is knowledge considered a type of capital?
What will be an ideal response?
If actual inflation is less than expected inflation, actual real wages will be ________ expected real wages and unemployment will ________
A) less than; rise B) less than; fall C) greater than; rise D) greater than; fall
Poll taxes are:
A. a way to disenfranchise the poor. B. a tax that must be paid in order to cast a vote. C. used to disenfranchise those groups even when the right to vote exists. D. All of these are true.