Which situation would most likely cause a nation's production possibilities curve to shift inward?
A. An increase in foreign trade
B. The destruction from bombing and warfare in a losing military conflict
C. An increase in the number of skilled immigrant workers
D. The construction of more capital goods
Answer: B
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In part, perfect competition arises if i. each firm's minimum efficient scale is large relative to demand. ii. each firm produces a good or service identical to those produced by its many competitors. iii. there are significant barriers to entry
A) i only B) ii only C) i and ii D) iii only E) ii and iii
Economists believe it is feasible and desirable to reduce environmental damage to zero
a. True b. False Indicate whether the statement is true or false
Consumers are sovereign when
A) prices are decided by sellers. B) a few consumers exercise coercion on sellers and other consumers. C) they can prevent market failure. D) they have the freedom to decide what they wish to purchase.
The priority of a junior lien is based on ____________; not ____________
Fill in the blank(s) with the appropriate word(s).