A decrease in the unemployment rate will shift an economy's production possibilities curve outward
a. True
b. False
Indicate whether the statement is true or false
False
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When deriving the production possibilities curve, it is assumed that
A) the amount of each good that is to be produced is fixed. B) the prices of resources are fixed along the curve. C) most resources can be used to produce only one good. D) resources are efficiently used.
Here are three things you could do if you do not attend your economics class: watch television with some friends (you value this at $25), read a good novel (you value this at $13), or go in to work (you could earn $20 during the economics class). The opportunity cost of going to your economics class is
A) $20, because this is the only alternative of the three where you actually receive a monetary payment. B) $13, because this is the lowest valued alternative forfeited. C) $25, because this is the highest valued alternative forfeited. D) $58, because this is the total dollar sum of the alternatives forfeited.
You go to work today, but will get your paycheck at the end of the month. This is an example of money serving as a
A. unit of accounting. B. standard of deferred payment. C. medium of exchange. D. store of value.
If 11 workers can produce 53 units of output while 12 workers can produce 56 units of output, what is the marginal product of the 12th worker?
A) 0.16 B) 3 C) 4.67 D) 36