A country cannot produce a mix of products with a higher value than where
A) the isovalue line is tangent to the production possibility frontier.
B) the isovalue line intersects the production possibility frontier.
C) the isovalue line is above the production possibility frontier.
D) the isovalue line is below the production possibility frontier.
E) the isovalue line is tangent with the indifference curve.
A
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The production possibilities frontier is used by economists to depict
A) the strictly financial costs of production. B) the opportunity costs of production. C) the strictly financial benefits of production. D) the opportunity benefits of production.
Refer to Figure 9-5. The tariff revenue collected by the government equals
A) $10 million. B) $15 million. C) $19.875 million. D) $35 million.
In a system of managed or fixed exchange rates, the controlling
a. is performed by the central banks of the trading nations. b. consists of making adjustments in the gold content of the different currencies. c. is usually done by actions of the IMF. d. involves changing the official exchange ratio between different kinds of money.
Ceteris paribus, if imports increase in any given year,
A. Exports will increase. B. NDP will increase. C. GDP will increase. D. GDP will decrease.