The production possibilities frontier is the boundary between those combination of goods and services that can be
A) produced and those that can be consumed.
B) consumed domestically and those that can be consumed by foreigners.
C) produced and those that cannot be produced.
D) consumed and those that cannot be produced.
C
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When a person's income increases:
A. more bundles of goods and services become affordable. B. less bundles of goods and services become affordable. C. the bundles of goods and services that become affordable don't change. D. the bundles of goods and services that become affordable must include more expensive goods and services.
When price is above marginal cost, selling one more unit at the current price will increase profit. This concept is known as the
a. income effect. b. price effect. c. output effect. d. cartel effect.
In the diagram below, profit is maximized at point 
A. C. B. D. C. B. D. A.
One of the reasons that Real Gross Domestic Product is not synonymous with social welfare is
A. people substitute between goods. B. quality has remained steady. C. things produced by people under 18 are not counted. D. it treats all spending the same (spending on military hardware is treated the same as spending on education).