Scarcity is illustrated graphically by a production possibilities frontier.
Answer the following statement true (T) or false (F)
True
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What is marginal cost pricing? Why is marginal cost pricing important?
What will be an ideal response?
The ________ interest is the relevant interest rate in the money market; the __________ interest rate is the relevant interest rate in the loanable funds market
a. Nominal; nominal. b. Nominal; real c. Real; nominal d. Real; real
If total output increases from $1 trillion to $2 trillion as population increases from 100 million to 250 million, then output per person:
A. remains constant. B. doubles. C. decreases. D. increases, but by less than 100 percent.
The division of productive activities among persons and regions so that no one individual or area is totally self-sufficient is known as
A) advantage-taking. B) comparative value. C) specialization. D) outsourcing.