Combinations of goods on the production possibilities frontier
a. are unattainable without additional resources
b. can be produced using currently available resources and technology
c. reflect minimum normative value allocations
d. will meet society's needs but not its wants
e. are attainable only through international trade
B
You might also like to view...
Big Woods is a lumber firm that sells plywood sheets to local builders. If the annual holding cost of a sheet of plywood is $8 and the managers of Big Woods order 700 sheets of plywood, what is the total annual carrying costs of the inventory?
A) $2,800 B) $5,600 C) $2,000 D) $6,000
The ability of one person or nation to produce a good at a lower absolute cost than another is called a(n):
A. market advantage. B. comparative advantage. C. absolute advantage. D. specialization advantage.
Merger guidelines developed by the U.S. Department of Justice and the Federal Trade Commission use the Herfindahl-Hirschman Index as a measure of concentration. This index measures concentration in an industry by
A) adding up the market shares of all firms in the industry, squaring this number and then dividing by the number of firms in the industry. B) squaring the market shares of each firm in an industry and then adding up the values of the squares. C) squaring the four-firm concentration ratio of the industry and dividing this number by the total number of firms in the industry. D) determining the market shares of the four largest firms in the industry, but unlike the concentration ratio, the Index includes sales in the United States by foreign firms.
The following national income statistics are in billions of dollars.
Refer to the above data. Disposable income is:
A.
$383 billion
B.
$372 billion
C.
$271 billion
D.
$212 billion