Refer to the information provided in Figure 2.6 below to answer the question(s) that follow.
Figure 2.6Refer to Figure 2.6. Which of the following will shift an economy's production possibility frontier from ppf1 to ppf2?
A. an increase in the economy's capital stock
B. an increase in production efficiency
C. a change in consumers' tastes
D. a decrease in unemployment
Answer: A
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The belief that higher taxes on the rich are justified because they have obtained a disproportionately large allotment of the services, infrastructure, and protections the government provides is called
A) utilitarianism. B) diminishing marginal utility. C) the benefits-received principle. D) transcendentalism.
Refer to the figure above. What is the domestic price of chairs in Lithasia in the absence of trade?
A) $2 B) $3 C) $4 D) $6
For a trucking company, all of the following are examples of fixed costs, except
a. Tax accountant fees b. Package designing fees c. Insurance d. Gasoline costs
To eliminate a recessionary gap, the expenditure schedule should be
a. shifted downward. b. shifted upward. c. made steeper. d. made flatter.