Which of the following statements is true?
A) An economy's production possibilities curve is convex to the origin.
B) The opportunity cost of producing a good decreases as more resources are used for its production.
C) The production possibilities curve of a country is fixed in the short run.
D) The slope of the production possibilities curve represents the terms of trade between two states.
C
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Using the information in Table 6.2, the Astro Consumer Price Index for 2014 is
A) 24. B) 100. C) 124. D) 189.
Refer to Table 2-4. What is Jack's opportunity cost of cultivating a garden?
A) one-half of a garden cultivated B) two lawns mowed C) two-thirds of a garden cultivated. D) one and a half lawns mowed
The demand curve faced by a monopolist is the same as the marginal revenue curve
a. True b. False Indicate whether the statement is true or false
The actual burden of a tax
a. falls most heavily on the side of the market that is more elastic. b. falls most heavily on the side of the market that is more inelastic. c. falls most heavily on the side of the market that is closest to unitary elasticity. d. is distributed independently of relative elasticities of supply and demand.