The marginal rate of transformation is the
A. slope of the production possibility frontier.
B. transformation of resources into a form that is useful to people.
C. process of using resources to produce new capital.
D. dollar value of the best forgone alternative.
Answer: A
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Economists generally agree on the role the government should play in promoting productivity and economic growth
a. True b. False Indicate whether the statement is true or false
Which of the following is NOT a correct statement about the Federal Reserve banks?
A. They supervise member banks within the Federal Reserve System. B. They provide the economy with gold backed currency. C. They provide a system of check collection and clearing. D. They act as banker and fiscal agent for the U.S. government.
Marginal cost is equal to the
A) change in total cost divided by the change in output. B) change in average total costs divided by the change in output. C) change in total product divided by the change in output. D) change in average product divided by the change in output.
Excess reserves are the
A) amount of reserves held over what is desired. B) amount of reserves banks keep in their vaults. C) amount of reserves a bank holds at the Fed. D) amount of reserves the Fed requires banks to hold. E) same as the required reserves.