Production possibilities frontiers usually curve out and away from the origin. The implication is
A) that as resources are used to produce one good, fewer resources are available to produce another good.
B) that the opportunity cost of producing a good goes down as more of that good is produced.
C) technological change is present.
D) that the opportunity cost of producing a good stays the same regardless of how much of that good is produced.
E) some resources are better at producing one good while other resources are better at producing alternative goods.
E
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Using the above figure, during which month was the price for crude oil the highest?
A) July B) December C) May D) October
Refer to Table 12-3. What will Arnie's output be and how much profit will he earn if the market price of basketballs is $5.00?
A) Q = 0; profit = -$10.00 B) Q = 3; profit = -$7.50 C) Q = 1; profit = -$10. D) Price and profit cannot be determined from the information given.
If the marginal propensity to save (MPS) is 1/8, the value of the simple spending multiplier is: a. 8
b. 1/8. c. 2. d. 1/2. e. 4.
Which one of the following is not a component of GDP, as measured using the expenditure approach?
a. Personal consumption. b. Exports. c. Durable goods. d. Government spending. e. Interest.