The model that shows the goods and services the economy is capable of producing is the model of:
A) utility.
B) the fallacy of composition.
C) production possibilities.
D) scarcity.
Ans: C) production possibilities.
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Use the following table to answer the question below. Dave's Production Possibilities ScheduleSimon's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn0160080201204060408080406040120208001600Assume Dave consumes 40 pounds of green beans and 80 pounds of corn without trade. Also, assume that Simon consumes 80 pounds of green beans and 40 pounds of corn without trade. Suppose Simon and Dave specialize and that the terms of trade are 1 pound of green beans for 1 pound of corn. If Simon sells Dave 80 pounds of green beans, then the gains from trade for Simon are ________ pounds of green beans and ________ pounds of corn with trade and specialization.
A. 0, 40 B. 40, 0 C. 20, 20 D. 40, 40
Private investment from a foreign country is known as
a. development assistance. b. foreign direct investment. c. technical progress. d. the cost disease of personal services.
Suppose Congress conducts hearings to decide whether federal loan guarantees ought to be given to the Chrysler Corporation to save it from bankruptcy. The United Automobile Workers union is likely to be well represented at these hearings because the union
What will be an ideal response?
If the marginal benefits are greater than the marginal cost of an activity, then society is overallocating resources to this activity.
Answer the following statement true (T) or false (F)