The idea of increasing opportunity cost is reflected in the
A) bowed in shape of the production possibilities frontier.
B) bowed out shape of the production possibilities frontier.
C) linear shape of the production possibilities frontier.
D) fact that the PPF shows there are unattainable production points.
E) positive slope of the production possibilities frontier.
B
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The curve in the above figure shows alternative combinations of gasoline and coffee that Sam likes equally well. This curve is called
A) a budget line. B) a demand curve. C) a consumption curve. D) an indifference curve.
Which was not one of the main U.S. land acquisitions?
a. Mexican Cession b. Western Purchase c. Gadsden Purchase d. The Oregon Country
If the price of a cup of coffee increases by 50 percent, the quantity demanded decreases by 50 percent. The price elasticity of demand is:
A. elastic. B. inelastic. C. unit elastic. D. zero.
The economy is in long-run equilibrium when:
What will be an ideal response?