Which of the following is an example of a renewable resource?
a. gold
b. forests
c. minerals
d. coal
e. land
B
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An increase in the labor force shifts the production possibilities frontier inwards over time
Indicate whether the statement is true or false
Which of the following offers the most likely explanation of why average total cost is falling in a cereal factory?
a. Production bottlenecks and equipment breakdowns have stalled production. b. The production facility was designed for a lower level of output. c. The wholesale prices of grains and fruit have risen due to market demands. d. The cost of producing an additional box of cereal is less than the factory’s average total cost.
Which of the following is a major category for the Consumer Price Index?
A. capital goods B. interest on savings C. money D. medical care
A commercial bank has no excess reserves until a depositor places $5,000 in cash at the bank. The commercial bank then lends $4,000 to a borrower. As a consequence of these transactions, the size of the money supply has
A. increased by $5,000. B. increased by $4,000. C. not been affected. D. decreased by $5,000.