Which of the following ideas are NOT demonstrated by the PPF?
a. Efficiency
b. Scarcity
c. Opportunity cost
d. Diminishing returns to scale
d
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If the quantity of tacos demanded is represented by the equation QD = 20 - 0.5P then the corresponding price of tacos is represented by the equation
A) P = 10 - 2QD. B) P = 40 - 2QD. C) P = 0.5QD + 10. D) P = QD + 40.
Which of the following determines the amount of money the banking system as a whole can create?
A) the quantity of bank reserves B) the quantity of vault cash held by banks C) the gold reserves held by the Federal Reserve D) the limit on profits by banks imposed by the U.S. Congress
Which of the following is a useful metaphor for the role of prices in markets?
A) Cardiovascular system B) Digestive system C) Vision system D) Nervous system
An economy that has a private sector and a public sector is called a ______________.
Fill in the blank(s) with the appropriate word(s).