If the production possibilities curve is a downward-sloping straight line, that would indicate
a. that society cannot decide which good it prefers
b. an absence of scarcity
c. constant opportunity cost
d. inefficiency
e. specialization
C
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Which of the following is NOT a popular stock market index?
A) Dow Jones Industrial Average B) NASDAQ C) S&P 500 D) Moody's Market Index
A world-renowned brain surgeon can type twice as fast as her secretarial assistant. Which of the following statements is true in this situation?
a. The secretary has an absolute advantage in typing. b. The surgeon should do her own typing to save money. c. The surgeon should fire the assistant and work weekends and evenings to stay up on her typing. d. The surgeon should spend her time doing brain surgery and allow her secretary to do the typing because the secretary has a comparative advantage in typing. e. The surgeon should spend her time doing brain surgery and allow her secretary to do the typing because the surgeon has a comparative advantage in typing.
All of the following are examples of positive statements EXCEPT:
A. Higher interest rates reduce construction activity. B. Higher interest rates are achieved by slowing the growth of the money supply. C. Historically higher rates of money growth are associated with higher rates of inflation. D. Economic output should not be allowed to increase too fast.
Refer to the information provided in Figure 3.7 below to answer the following question(s).
?Figure 3.7Refer to Figure 3.7. An increase in demand is represented by the movement
A. along D2 from Point B to Point C. B. along D2 from Point B to Point A. C. from D2 to D1. D. from D2 to D3.