If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line.
B. negatively sloped and "bowed inward" toward the origin.
C. negatively sloped and "bowed outward" from the origin.
D. a positively sloped straight line.
Answer: C
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Refer to Figure 2-8. If Vidalia chooses to produce 60 dozen orchids, how many roses can it produce to maximize production?
A) 30 dozen roses B) 50 dozen roses C) 100 dozen roses D) 150 dozen roses
At an interest rate of 6%, how much will need to be invested today to have $10,000 in 5 years?
A) $5,000 B) $7,473 C) $10,000 D) $13,382
How will each of the following affect the steady-state growth rate of the standard of living? Assume the economy is currently in the steady state
a. an increase in the depreciation rate b. an increase in the growth rate of labor-augmenting technological change c. a decrease in the saving rate d. a decrease in the labor-force growth rate
In the 1980s, the number of bank failures increased dramatically in the United States, most of which were uninsured
a. True b. False Indicate whether the statement is true or false