The figure above shows a nation's production possibilities frontier. In the figure, point A shows
A) the minimum quantity of pizza that the society must produce.
B) the maximum quantity of pizza that can be produced.
C) an unattainable point.
D) an attainable point with unemployed resources.
E) More information is needed to determine which of the above answers is correct.
B
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For the use of their capital in production, owners receive
a. wages. b. rent. c. interest. d. profit.
In general, the income effect of an increase in the price of a normal good:
A. will cause the individual to buy more of that good because they have relatively more income. B. will cause the individual to buy less of that good because they have relatively less income. C. will cause the individual to buy more of that good because they have relatively less income. D. will cause the individual to buy less of that good because they have relatively more income.
U.S. military use of steel is nearly half of total U.S. steel production.
Answer the following statement true (T) or false (F)
Which of the following is one of the simplifying assumptions made in constructing a production possibilities curve?
A. The state of technology is constantly changing B. A wide variety of products are produced C. Resources are fully employed and are used in least-cost methods of production D. Quantities of available resources in the economy vary from one point to another