The unattainable points in a production possibilities diagram are
A) the points outside the production possibilities frontier.
B) the points of the horizontal and vertical intercepts.
C) the points within the production possibilities frontier.
D) the points along the production possibilities frontier.
A
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Absolute advantage is
A) the ability to produce a good or service at a higher opportunity cost than one's competitors. B) the ability to produce more of a good or service than competitors that have fewer resources. C) the ability to produce more of a good or service than competitors when using the same amount of resources. D) the ability to produce higher quality goods compared to one's competitors.
During the industrialization of the U.S., wealth was
(a) unequally divided among the population but accumulating. (b) a product of a federal plan for economic development and growth. (c) the sum of all revenue earned by U.S. households and businesses. (d) none of the above.
If an employment situation is characterized by adverse selection, there is an excess supply of underqualified applicants for each job
a. True b. False
Which of the following is characteristic of a regulated natural monopoly?
A. Extensive economies of scale. B. The wasteful duplication of capital facilities in the event of competition. C. The provision of an essential service. D. All of these.