The fact that resources tend to be specialized is one reason the production possibilities frontier is drawn
a. bowed outward.
b. bowed inward.
c. as a straight line (but not horizontal).
d. as a horizontal straight line.
a
You might also like to view...
Shortly after their admission into the EMU, Ireland and the Netherlands
A) both seceded from the EMU. B) were expelled due to high levels of debt. C) breached the inflation convergence criterion that had qualified them for admission to the EMU in the first place. D) achieved inflation rates of zero percent. E) abandoned the Euro as their national currency.
Adverse selection can arise in employment situations if information about worker quality is:
a. better for employees than employers. b. better for employers than employees. c. perfect. d. available at a low enough cost.
The slope of a straight line
A) is the same at all points along that line. B) cannot be defined. C) changes from one point to the next on that line. D) is always equal to zero.
Refer to the information provided in Figure 5.3 below to answer the question(s) that follow.
Figure 5.3Refer to Figure 5.3. Use the midpoint formula. If the price of a gardenburger increases from $6 to $8, the price elasticity of demand equals ________ and demand is ________.
A. -2.0; elastic B. -1.75; elastic C. -0.57; inelastic D. -1.9; inelastic