Because of increasing opportunity costs, the production possibilities curve
a. is bowed out from (or concave to) the origin.
b. can be either downward- or upward-sloping.
c. at first rises, then falls eventually.
d. is a straight downward-sloping line
Ans: a. is bowed out from (or concave to) the origin.
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Suppose a Japanese bank offers a 4 percent interest rate and U.S. banks offer a 2 percent interest rate. People must expect the yen to
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Dick has a dog (Spot) that likes to bark at night. Jane, who lives next door to Dick, must be at work every morning by six o'clock. Suppose that there is a noise ordinance that requires Dick to keep his dog quiet
Is there any Coase solution to this problem that does not involve calling the police? Explain.
Workers whose spells of unemployment are broken up by brief periods of employment or withdrawal from the labor force are referred to as ________ workers.
A. discouraged B. long-term unemployed C. short-term unemployed D. chronically unemployed
For ________, there is a range of exchange rates that can lead automatically to both countries realizing the gains from specialization and comparative advantage.
A. only democratic countries B. very few countries C. only industrialized countries D. any pair of countries