In a many-worker economy the consumption possibilities line touches the production possibility curve
A. at more than three points.
B. at two points.
C. at one point.
D. at three points.
Answer: C
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The top ten countries account for almost "X"% of the total world population.
a) 55% b) 75% c) 45% d) 60%
Which of the following statements about monetary policy is correct?
a. Whatever happens with aggregate supply and aggregate demand in the long run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the short and medium term. b. Whatever happens with aggregate supply and aggregate demand in the short run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the medium and long term. c. Whatever happens with aggregate supply and aggregate demand in the short and medium run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the long term. d. Whatever happens with aggregate supply and aggregate demand in the medium and long run, monetary policy can be used to prevent inflation from becoming entrenched in the economy in the short term.
If price falls, what happens to the demand for a product?
a. It increases. b. It decreases. c. It does not change. d. Uncertain--economic theory has no answer to this question.
Average variable costs:
A. decrease when output declines, and increase when output declines. B. increase when marginal product rises, and decrease when marginal product declines. C. decrease when marginal product rises, and increase when marginal product declines. D. increase when output declines, and decrease when output rises.