A PPF is a straight line as a result of
A) constant opportunity costs.
B) increasing opportunity costs.
C) decreasing opportunity costs.
D) scarcity.
E) choice.
A
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Which of the following is an example of implicit collusion?
A) price leadership B) a retaliation strategy C) a second-price auction D) product differentiation
Food stamps and Medicaid are examples of
a. money transfers b. resource earnings c. in-kind transfers d. tax expenditures e. capital gains
Other things remaining unchanged, the flatter the aggregate supply curve:
a. the greater the expansionary effect of an increase in aggregate demand. b. the smaller the inflationary effect of an increase in aggregate demand. c. the greater the recessionary effect of a decrease in aggregate demand. d. the greater the expansionary effect of a decrease in aggregate demand. e. the smaller the recessionary effect of an increase in aggregate demand.
Which of the following reasons best explains U.S. imports of bauxite from Jamaica and diamonds from South Africa?
a. Differences in resource endowments b. Economies of scale c. Differences in tastes d. Trade restrictions