A production possibilities frontier will be bowed outward if some of the economy's resources are better suited to producing one good than another
a. True
b. False
Indicate whether the statement is true or false
True
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If a firm triples inputs and produces three times the output, then there are
A) constant returns to scale. B) diminishing marginal product. C) decreasing returns to scale. D) increasing returns to scale.
An experience good is a product
A) with qualities that consumers lack the expertise to assess without assistance. B) that emphasizes the features of its product. C) with characteristics that enable an individual to evaluate the product's quality in advance of a purchase. D) that an individual must consume before the quality can be established.
If I am worried about the price of assets such as bonds falling, I may be more inclined to hold money instead. You hold cash for the:
A. precautionary motive. B. speculative motive. C. transactions motive. D. impulsive motive.
A nation's nominal gross domestic product (GDP) ________.
A. is always some amount less than C + I + G + NX B. is the dollar value of all final output produced by its citizens, regardless of where they are living C. can be found by summing C + I + S + NX D. is the dollar value of all final output produced within the borders of the nation during a specific period of time