The production possibilities frontier illustrates
a. the fundamental fact of scarcity.
b. the opportunity cost of acquiring more of one good.
c. maximum output utilizing all resources efficiently.
d. All of the above are correct.
d
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The statement “Resources employed in producing X are better suited to making Y” is another way of saying resources
A. are specialized. B. are scarce. C. are used inefficiently. D. are unproductive. E. have no opportunity cost.
A country reports the total expenditures on the fixed CPI basket for the past three years
The cost of the CPI basket in 2010 was $23,000, the cost of the CPI basket for the reference base period, 2011, was $23,805, and the cost of the CPI basket in 2012 was $24,500. The CPI for 2010 is A) 96.6. B) 100.0. C) 103.5. D) 106.5. E) 23.0.
In the long run the prices charged by a firm in monopolistic competition will be
a. high enough to provide profits to the firm. b. so low that many firms will drop out of the industry. c. equal to marginal cost. d. equal to average cost, including the opportunity cost of capital.
Until about 1983, almost all of U.S. national debt stemmed from financing wars or from the loss of tax revenues that accompany recessions.
Answer the following statement true (T) or false (F)