Refer to Table 2-1. Assume Tomaso's Trattoria only produces pizzas and calzones. A combination of 36 pizzas and 30 calzones would appear
A) along Tomaso's production possibilities frontier.
B) inside Tomaso's production possibilities frontier.
C) outside Tomaso's production possibilities frontier.
D) at the horizontal intercept of Tomaso's production possibilities frontier.
C
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________ is defined as a sustained ________ in the price level
A) Inflation; fall B) Deflation; fall C) Deflation; rise D) Answers A and C above are both true.
A limit on the quantity of a good produced abroad that can be purchased domestically is called a(n)
a. tariff. b. excise tax. c. import quota. d. None of the above is correct.
It is likely that for most people:
A. coffee and non-dairy creamer are substitutes. B. coffee and tea are substitutes. C. coffee and coffee mugs are substitutes. D. coffee and Coke are complements.
Which of the following statements is not true?
A. U.S. currency is legal tender. B. For most of history gold has been the most common commodity money. C. The most common form of money in the U.S. is not a commodity money. D. Gold is an example of a fiat money.