If increasingly more units of good Y must be given up as each successive unit of good X is produced, then the PPF for these two goods is
A) a downward-sloping straight line.
B) circular.
C) an upward-sloping curve.
D) a downward-sloping curve that is bowed outward.
E) a downward-sloping curve that is bowed inward.
D
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As the market price of a service increases, more potential sellers will decide to perform that service because:
A. more potential sellers will find that the market price exceeds their reservation price. B. higher prices result in higher revenue. C. it's more prestigious to produce high-priced services. D. higher prices lead to lower opportunity costs.
Roy just got a big promotion at work which includes a sizable pay increase. Roy's demand for Ramen Noodles, an inferior good, will likely:
A. decrease, and his demand curve will shift to the right. B. decrease, and his demand curve will shift to the left. C. increase, and his demand curve will shift to the right. D. decrease, causing a movement down along his demand curve.
The chief function of the Federal Reserve is to be the federal government's tax collection institution
a. True b. False Indicate whether the statement is true or false
The theory of consumer choice illustrates that people face tradeoffs, which is one of the Ten Principles of Economics
a. True b. False Indicate whether the statement is true or false