The only way that a society can produce outside the production possibilities curve is
A. by obeying the Law of Increasing Additional Cost.
B. by producing efficiently.
C. through economic growth.
D. to use the concept of opportunity cost.
Answer: C
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Describe how a Clarke tax is designed and explain how it leads a person to correctly reveal his preferences for a public good.
What will be an ideal response?
A federal budget ________ occurs when the federal government spends more than it collects in taxes
A) ceiling B) deficit C) surplus D) equilibrium
An increase in a firm's fixed cost will not change the firm's profit-maximizing output in the short run
Indicate whether the statement is true or false
Which of the following is NOT a reason for average costs to fall according to the learning curve?
A) Workers accomplish tasks more quickly after doing the task a few times. B) Managers schedule more efficiently over time. C) Engineers determine more accurately what tolerances can be used. D) Suppliers may become better able to produce the exact inputs the firm needs. E) Competing firms leave the industry as the learning firm becomes more efficient.