The production possibilities frontier model shows that
A) if all resources are fully and efficiently utilized, more of one good can be produced only by producing less of another good.
B) a market economy is more efficient in producing goods and services than is a centrally planned economy.
C) economic growth can only be achieved by free market economies.
D) if consumers decide to buy more of a product, its price will increase.
A
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How are the slope of a production possibilities frontier and the opportunity cost of the goods related?
A. The slope is a graphical representation of the cost of expanding production of both goods. B. The slope is a graphical measure of the growth rate of the economy. C. The slope is a graphical representation of the cost of decreasing unemployment. D. The slope is a graphical representation of the rate of trade-off between the goods. E. The slope is a graphical representation of the cost of economic growth in the economy.
Faster economic growth in the United States may lead to the serious macroeconomic problem of higher
A. levels of unemployment. B. federal budget deficits. C. levels of inflation. D. levels of poverty.
Share distribution of income is the relative division of total income among:
A. nationality groupings. B. income groupings. C. capitalists, workers, and landowners. D. socioeconomic groupings.
The most popular definition of "profit" is
What will be an ideal response?