In the diagram, the elimination of discrimination is best represented by:
A. a move from C to E.
B. an inward shift of the production possibilities curve.
C. a move from A to D.
D. a move from E to C.
C. a move from A to D.
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A public debt that is owed to foreigners can be burdensome because
A. the payment of interest will necessarily have a deflationary effect on prices in the paying nation. B. the payment of interest will conflict with a nation's foreign aid programs. C. the payment of interest reduces the volume of goods and services available for domestic uses. D. foreign interest rates are persistently higher than domestic interest rates.
The author of An Inquiry Into the Nature and Causes of the Wealth of Nations was
A) Duncan Bradstreet. B) Dow Jones. C) John Maynard Keynes. D) Karl Marx. E) Adam Smith.
Which of the following describes a difference between the marginal product of labor and the marginal revenue product of labor?
A) The marginal product of labor declines as each additional worker is hired because of the law of diminishing returns. The marginal revenue product of labor declines as each additional worker is hired because of diseconomies of scale. B) The marginal product of labor is inelastic. The marginal revenue product of labor is elastic. C) The marginal product of labor declines as each additional worker is hired because of the law of diminishing returns. The marginal revenue product increases as each additional worker is hired because of increases in the productivity of labor. D) The marginal product of labor measures the change in output as additional workers are hired. The marginal revenue product measures the change in revenue as additional workers are hired.
When would it be plausible to describe the demand for a product by drawing a straight line, Q = a - bP?
A. Only if no important factors other than price affect demand B. In the vast majority of scenarios C. Practically never D. If we believe that factors other than price alone determine demand