From a point inside the production possibility frontier,
a. more of one good can be produced only by sacrificing some output of another good
b. it is possible to increase production of both goods.
c. it is impossible to increase production of either good with current resources and technology.
d. increased output of both goods can only occur if the production possibility curve shifts outward.
b
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The demand for oil is inelastic. So, does an increase in the price of oil mean an increase in total revenue or a decrease in total revenue for oil producers?
What will be an ideal response?
If a local fishing club spends time each year cleaning up local streams by removing trash thrown by motorists, efficiency would be improved if
A) motorists were fined and fishing club activities were taxed. B) the fishing club's activities were subsidized. C) the fishing club was taxed. D) motorists were subsidized.
The yield on a bond is the
A. annual coupon payment divided by the price paid for the bond. B. coupon rate divided by the price paid for the bond. C. annual coupon payment divided by the face value of the bond. D. same as the interest rate on the bond. E. a and d
Average variable costs and average total costs are calculated by dividing by ________
a. revenue b. profit (P) c. output (Q) d. fixed costs (FC)