All points inside the production possibilities curve indicate
A) a lack of sufficient supply.
B) inefficiency in production.
C) the law of increasing relative cost.
D) the law of decreasing relative cost.
B
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In general, it is common for goods with ________ to be auctioned
A) low prices B) relatively few buyers C) a large number of buyers D) a large number of sellers
Marginal cost is the opportunity cost
A) that your activity imposes on someone else. B) that arises from producing one more unit of a good or service. C) of a good or service that exceeds its benefit. D) of a good or service divided by the number of units produced.
The Fed increases money supply. In this case, the time lag problem of monetary policy may
A. increase real GDP in the short run. B. decrease the velocity of money in the short run. C. increase the velocity of money in the short run. D. none of the above
If the slope of a straight line is 4 and if X (the variable on the horizontal axis) increases by 12, then Y (the variable on the vertical axis) will
A. decrease by 3. B. increase by 3. C. increase by 48. D. decrease by 0.33.