Referring to a production possibilities curve and the goods being compared, depict the economic event. Millions of immigrants came to the United States in the second half of the 19th century to work on the transcontinental railroad (capital goods vs. consumer goods).
A. A movement from a point inside the curve to a point on or near the curve
B. A movement from a point on or near the curve to a point inside the curve
C. A shift in the entire curve to the right (outward)
D. A shift in the entire curve to the left (inward)
C. A shift in the entire curve to the right (outward)
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The emerging market economies are
A) the nations with the highest standards of living. B) most of the nations of Western Europe. C) in transition from state-owned production to free markets. D) the largest grouping including the nations of China and India. E) the nations that are currently agricultural in nature.
The table above shows the production possibilities frontier for the nation of Isolanda
a) Find the marginal cost of a pound of fish using the above PPF. b) How does the marginal cost of a pound of fish change as more fish are caught?
Changes in the macroeconomy, such as an increase in average per person income, can have effects at the microeconomic level, for example, on the profitability of firms in a particular industry
Indicate whether the statement is true or false
Marginal rate of substitution between X and Y is
a. total utility of X divided by total utility of Y. b. marginal utility of X divided by marginal utility of Y. c. total utility of X divided by marginal utility of Y. d. none of the above.