On a two-dimensional graph, ________ illustrate the effects of additional variables
A) moving along a curve
B) shifting curves
C) eliminating a curve
D) adding an additional curve
Answer: B
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What best describes the economic standing of the colonies on the eve of the Revolution?
a. The colonies were one of the richest nations in the world and had very little income inequality because of the many opportunities that existed. b. The colonies had a low per capita income and had little income inequality. c. The colonies were one of the richest nations in the world and had a significant amount of income inequality. d. The colonies had a low per capita income and had a significant amount of income inequality.
The law of increasing opportunity costs states that as
A) less of a good is produced, the higher the opportunity costs of producing that good. B) more of a good is produced, the lower the opportunity costs of producing that good. C) more of a good is produced, the higher the opportunity costs of producing that good. D) more of a good is produced, the opportunity cost of producing the good remains the same. E) a and b
A person tends to be ______________ likely to lose her temper with a boss than with a friend because the opportunity cost of losing her temper with her boss tends to be _____________ than the opportunity cost of losing her temper with her friend
A) less; higher B) more; higher C) less; lower D) more; lower
As you move down the production possibility frontier, the absolute value of the marginal rate of transformation
A. increases. B. initially decreases, then increases. C. decreases. D. initially increases, then decreases.