On a straight-line production possibilities frontier, which of the following is true?
a. The problem of scarcity does not exist.
b. Resources are imperfect substitutes.
c. Opportunity costs are constant.
d. Technology is rapidly expanding.
e. Some resources are not being used efficiently.
C
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If a seller can sell 5 units at $8 each and can sell a 6th unit separately for $7 (the people willing to pay $8 don't learn about the reduced price), the marginal revenue from selling the 6th unit is
A) $47. B) $7.50. C) $7. D) $2. E) none of the above.
"Unions in the United States have helped raise the incomes of union workers as compared to nonunion workers." Do you agree or disagree? Why?
What will be an ideal response?
The agency directly responsible for monetary policy in the United States is
A. the twelve Federal Reserve Banks. B. the Board of Governors of the Federal Reserve System. C. the Congress of the United States. D. the United States Treasury.
Occasional government intervention in markets for foreign currency is typical of a
A. gold standard. B. floating exchange rate system. C. fixed exchange rate system. D. managed float exchange rate system.