Which of the following would increase the supply of laptop computers?
A. Higher wage rates for the workers that produce laptop computers.
B. A technological improvement that lowers the cost of producing laptop computers.
C. An increase in the price of computer chips used to produce laptop computers.
D. An increase in the price of laptop computers.
Answer: B
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Why is a production possibilities frontier bowed out (concave)?
A) The bowed shape reflects constant opportunity cost. B) The bowed shape reflects decreasing opportunity cost. C) The bowed shape indicates that opportunity cost at first decreases at a decreasing rate, and then begins to decrease at an increasing rate. D) The bowed shape indicates that opportunity cost at first increases at a decreasing rate, and then begins to increase at an increasing rate. E) The bowed shape reflects increasing opportunity cost.
Simplifying assumptions always affect the conclusions derived from an economic model
a. True b. False
The ease with which an asset can be converted into a medium of exchange is known as
a. volatility b. liquidity c. currency d. Gresham's Law e. speculative exchange
The trade feedback effect includes which of the following steps?
A. an increase in U.S. economic activity stimulates U.S. imports B. an increase in foreign imports stimulates U.S. exports C. an increase in U.S. exports stimulates U.S. economic activity D. all of the above