Which of the following would be likely to shift a nation's production possibilities curve outward?
a. a decrease in the production of capital goods
b. an increase in the production of consumer goods
c. an increase in the number of retired workers
d. none of the above
d
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Refer to Figure 19-10. Under the Bretton Woods System of exchange rates, if the par exchange rate was $2 per pound in the figure above, and equilibrium persisted at $3, then this was evidence of ________ and the IMF would allow a ________ in the
exchange rate. A) fundamental disequilibrium; revaluation B) fundamental disequilibrium; devaluation C) fundamental overvaluation; revaluation D) fundamental overvaluation; devaluation
Explain the difference between equality of opportunity and equality of results. Draw an analogy to a football game
What will be an ideal response?
If Arnold thinks his last dollar spent golfing yields less satisfaction than the last dollar spent on movies, and Arnold is a utility-maximizing consumer, he should
a. golf more so that the total satisfaction from this activity will increase b. spend less on movies so that the marginal satisfaction from expenditures in this area will increase c. golf less and spend more on movies d. eliminate golfing from his schedule e. golf more since it costs less
Any change in price along a perfectly inelastic demand curve produces:
A. greater change in the quantity demanded. B. less change in the quantity demanded. C. no change in the quantity demanded. D. infinite change in the quantity demanded.