Consider a graph of a production possibilities curve. If a producer is operating at an inefficient point, then that producer:
A. must be specializing in activities for which it has a comparative advantage.
B. cannot produce more of one good without giving up some of the other good.
C. can produce more of one good without producing less of the other good.
D. must be at an unattainable point on the production possibilities curve.
Answer: C
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Along the elastic portion of a demand curve, the
A. change in price will always be greater than the change in quantity demanded. B. percentage change in quantity demanded will be less than the percentage change in price. C. change in price will always be less than the change in quantity demanded. D. percentage change in price will be less than the percentage change in quantity demanded.
The marginal propensity to consume (MPC) is the change in consumption divided by the change in income
a. True b. False Indicate whether the statement is true or false
As the uncertainty attached to a future payment ________, the expected value ________.
A. decreases; increases B. decreases; decreases C. increases; stays the same D. increases; becomes positive
Illegal gambling on the NCAA Final Four would be included in GDP.
Answer the following statement true (T) or false (F)