Which of the following statements best demonstrates the constraints under which individual consumers and society as a whole operate?
a. Only the individual opportunity set (or budget constraint) demonstrates the constraints under which individual consumers and society as a whole operate.
b. Only the social production possibilities frontier demonstrates the constraints under which individual consumers and society as a whole operate.
c. Neither the individual opportunity set (budget constraint) nor the social production possibilities frontier demonstrates the constraints under which individual consumers and society as a whole operate.
d. Both the individual’s opportunity set (and budget constraint) and the social production possibilities frontier show the constraints under which individual consumers and society as a whole operate.
d. Both the individual’s opportunity set (and budget constraint) and the social production possibilities frontier show the constraints under which individual consumers and society as a whole operate.
You might also like to view...
An example of a U.S. export is
A) diamonds mined in Africa sold to buyers in South America. B) a TV made in China sold to a buyer in Azerbaijan. C) matchbooks made in Mexico sold to a buyer in New Jersey. D) a washing machine made in Indiana sold to a buyer in France. E) pasta made in Italy sold to buyers in Spain.
A competitive market has two basic characteristics. What are those two characteristics?
Under which market structure is a firm's MR curve horizontal?
A. Oligopoly B. Monopolistic Competition C. Perfect Competition D. Monopoly
Susie has lost her job in a Vermont textile plant because of import competition. She intends to take a short course in electronics and move to Oregon, where she anticipates that a new job will be available. We can say that Susie is faced with:
A. structural unemployment. B. frictional unemployment. C. cyclical unemployment. D. secular unemployment.