The production possibilities frontier model shows that
A) if consumers decide to buy more of a product, its price will increase.
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 all resources are fully and efficiently utilized, more of one good can be produced only by producing less of another good.
Answer: D
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By 1964, nearly all blacks outside the South were covered by laws that allowed the government to issue cease and desist orders against discriminating firms. According to recent research by William Collins, these laws
a. were successful in improving the wages and working conditions of all African-Americans. b. were successful in improving the wages and working conditions of only Southern African-Americans. c. led to lower wages and deteriorating working conditions for African-Americans. d. had some success in improving the wages and working conditions of African-American women.
For any country, if the world price of copper is lower than the domestic price of copper without trade, that country should
a. export copper. b. import copper. c. neither export nor import copper, since that country cannot gain from trade. d. neither export nor import copper, since that country already produces copper at a low cost compared to other countries.
If a price increase from $5 to $7 causes quantity demanded to fall from 150 to 100, what is the absolute value of the own price elasticity at a price of $7 using the arc formula?
A. 1.2 B. 0.57 C. 1.24 D. 0.02
Autonomous consumption is the level of consumption that is
A. observed at the poverty line. B. available to someone earning the minimum wage. C. independent of real income. D. consistent with the average standard of living.