A bowed outward production possibilities curve occurs when
A) opportunity costs are constant.
B) resources are not scarce.
C) additional units of output of one good necessitate greater reductions in the other good.
D) there are surpluses in the goods being produced.
Answer: C
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Explain how firms that each produce as efficiently as they can may not be equally productive
What will be an ideal response?
According to your text, the central economic task for a society is
A) to eliminate scarcity. B) to assure every household gets what it needs. C) to secure cooperation among people in using what is available to obtain what is wanted. D) to train enough economists to ensure supplies of goods and services will successfully continue to meet demands for goods and services in the future.
Once the copyright on a book expires
A) no publisher can claim copyright of that author's words, but the book can be reissued by any publisher. B) only the first publisher to reissue the book can claim copyright of that author's words. C) any publisher can now claim copyright of that author's words. D) no publisher can claim copyright of that author's words because the book can never be reissued.
If ten years ago the price of a movie ticket was $5 and the average hourly wage was $10, and today the price of a movie ticket is $8 and the average hourly wage is $20, then
a. movies are now relatively cheaper in terms of work hours. b. movies are now relatively more expensive in terms of work hours. c. the relative price of movies has remained constant. d. workers now need to work longer hours to earn one movie ticket.