With no international trade, a country ________ consume at a point outside of its PPF; with international trade, a country ________ consume at a point outside of its PPF
A) cannot; can
B) can; can
C) can; cannot
D) cannot; cannot
E) None of the above answers is correct because the presence or absence of international trade has nothing to do with where a country consumes in comparison to its PPF.
A
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Quick Auto Service will do oil changes. If each oil change is done by five people, each of whom specializes in one task, this is an example of
A) economies of scope. B) team production. C) economies of monitoring. D) economies of coordination.
Does inflation result from increases in aggregate demand, short-run aggregate supply, or long-run aggregate supply?
What will be an ideal response?
Which of the following is a true statement about the length of recessions and expansions in the United States economy?
A) After 1950, the length of expansions were much less than the length of recessions. B) After 1950, the length of expansions were brief and almost nonexistent. C) After 1950, the length of expansions were much longer than the length of recessions. D) After 1950, the length of expansions equaled the length of recessions.
Marginal cost
A. is the average cost of production divided by output. B. equals the increase in AVC resulting from producing one more unit. C. always equals average cost. D. is the increase in total cost resulting from producing one more unit.