The law of increasing costs states that
A. opportunity costs decrease as more of one good is produced.
B. increasing resource prices are inevitable because of scarcity.
C. opportunity costs increase as more of one good is produced.
D. resources can be easily adapted to the production of any good
C. opportunity costs increase as more of one good is produced.
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Rostow's stages of growth concept could be improved by
a. demonstrating how a country moves from one stage to the next b. showing when different countries achieved a take-off c. illustrating the industries that could be leading sectors d. identifying the investment-to-income ratio that is typical for each stage e. specifying necessary investment and savings levels
Rent controls can cause a. a decline in the quality of housing available for rent
b. the development of a black market to allocate apartments to renters. c. longer search times for renters attempting to locate an apartment. d. all of these are possible results of rent controls.
In using a tanks and trucks production possibilities curve with increasing opportunity cost, producing more and more tanks
A. Is not possible due to scarcity. B. Requires us to give up larger and larger amounts of trucks per tank produced. C. Lowers the cost of each individual tank. D. Can be done at a constant opportunity cost.
Education is a ________ good that creates a ________ externality.
A. private; positive B. private; negative C. public; positive D. public; negative