Along a production possibilities curve showing capital and consumption goods production, which of the following pairs are being held fixed?
A. Unemployment and capital goods production.
B. Number of resources and technology.
C. Composition of the economy's output and number of resources.
D. Capital and consumption goods production.
Answer: B
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The basic conservative solution to welfare dependency is
A. forcing people off welfare. B. government jobs. C. ending immigration. D. identical to the liberal solution.
Which of the following is least likely to be considered a firm in an imperfectly competitive industry?
A. the only locally owned and operated bank in Severn, MD B. a Burger King in Pittsburgh, PA C. a wheat farmer in Kansas D. Ohio Bell Telephone Company
Assuming gasoline and oil to be complementary goods, the effect on the oil market of an increase in the price of gasoline (other things being equal) would best be described as a(n):
a. increase in the demand for oil. b. decrease in the demand for oil. c. increase in the quantity of oil demanded. d. increase in the quantity of oil demanded.
In the U.S. over the past century, increases in labor
a. supply have outpaced increases in labor demand, causing the average wage rate to fall b. supply have outpaced increases in labor demand, causing the average wage rate to rise c. demand have outpaced increases in labor supply, causing the average wage rate to fall d. demand have outpaced increases in labor supply, causing the average wage rate to rise e. demand have occurred at the same pace as increases in labor supply, so the average wage rate has remained unchanged