In order for a production possibilities curve to shift to the right, which of the following must occur?
A. government involvement
B. increasing consumer wants
C. reductions in the supply of resources
D. economic growth
Answer: D
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Refer to Table 2-5. Assume Nadia's Neckware only produces ascots and bowties. A combination of 8 ascots and 18 bowties would appear
A) along Nadia's production possibilities frontier. B) inside Nadia's production possibilities frontier. C) outside Nadia's production possibilities frontier. D) at the horizontal intercept of Nadia's production possibilities frontier.
If there is a surplus in the oil market, then the price of oil will:
a. rise. b. fall. c. remain unchanged. d. react unpredictably.
Researchers who make judgements in their experiments based on what is salient rather than on actual probabilities err by using a representativeness heuristic
Indicate whether the statement is true or false
Economies of scale arise from:
A. increasing returns to scale. B. constant returns to scale. C. decreasing returns to scale. D. constant marginal returns to scale.