Consider the production possibilities frontier displayed in the figure shown. The fact that the line slopes downward displays which economic concept?
A. Production possibilities
B. Trade-offs
C. Specialization
D. Efficiency
B. Trade-offs
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First-mover advantage is:
A. very important in one-round sequential games. B. likely to lead to a positive-positive outcome. C. most advantageous in a prisoner's dilemma-type game. D. None of these statements is true.
Anything owed by a person or a firm is
A) an asset. B) a liability. C) wealth. D) owner's yield.
Answer the following statements true (T) or false (F)
1. U.S. exports to Japan create a supply of dollars and a demand for yen in the foreign-exchange market. 2. People will have to exchange their currency for another only when they do exporting or importing. 3. The current account portion of a nation's balance of payments statement includes net investment income. 4. The U.S. often has a significant surplus in services trade, even though it has a deficit in goods trade. 5. The flow of payments for purchases and sale of financial assets is included in the current account balance of a nation.
Refer to the above table. At a price of $450, there is an
A) equilibrium. B) excess quantity supplied of 4,000 tablets. C) excess quantity demanded of 6,000 tablets. D) excess quantity demanded of 9,000 tablets.