In this economic growth and production possibilities curve, the movement from the old production possibilities curve to the new one results in ______.
a. the same amount of food but less housing
b. the ability to have more food and more housing
c. fewer overall goods being available to consumers
d. the elimination of increasing opportunity costs
b. the ability to have more food and more housing
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A savings bank is a depository institution that ________
A) sells shares which it uses to purchase shares in U.S. Treasury bills B) makes mostly home-purchase loans C) is owned by a social or economic group D) makes mostly consumer loans
CETA's heavy emphasis on public sector employment was regarded as a success
Indicate whether the statement is true or false
For a price change from P1 to P2 the change in quantity demanded is from Q1 to Q2 and price elasticity of demand would be
a. [(P1–P2)/(P1+P2)] / [(Q1-Q2)/(Q1+Q2)] b. [(P1+P2)/(P1-P2)] / [(Q1+Q2)/(Q1-Q2)] c. [(Q1-Q2)/(Q1+Q2)]/2 / [(P1–P2)/(P1+P2)]/2 d. [(Q1+Q2)/(Q1-Q2)] / [(P1+P2)/(P1-P2)] e. [(Q1+Q2)/(Q1-Q2)/2] / [(P1+P2)/(P1-P2)/2]
The price elasticity of supply increases as firms have more time to adjust
Indicate whether the statement is true or false