Refer to Table 2-5. Assume Nadia's Neckties only produces ascots and bowties. Nadia faces ________ opportunity costs in the production of ascots and bowties
A) constant B) increasing C) decreasing D) negative
A
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Inefficient allocation of resources occurs when
A. no one can be made better off without having someone else give up something. B. it is possible to make some people better off without making others worse off. C. society is operating at a point high on the production possibilities frontier. D. society is operating at a point low on the production possibilities frontier.
Marginal cost is equal to ________ when ________ is minimized.
A. average total cost; average variable cost B. average variable cost; average fixed cost C. average variable cost; average variable cost D. average fixed cost; average fixed cost
The period 1974-1975 is somewhat unique in U.S. economic history due to the fact that:
A. both the output and the inflation rate were falling. B. output was falling yet the inflation rate rose dramatically. C. output and the inflation rate were both rising. D. the output was growing rapidly and the inflation rate was falling.
The "allowable deficit" that causes no change in the debt-GDP ratio is equal to the ________ times ________
A) interest rate, outstanding national debt B) interest rate, nominal GDP C) rate of nominal GDP growth, outstanding national debt D) rate of nominal GDP growth, nominal GDP