The graphic that expresses several aspects or implications of the economic concept of scarcity is
A) Supply and Demand
B) Production Possibility Frontier
C) Aggregate Demand
D) General Equilibrium Model
Answer: B) Production Possibility Frontier
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Which of the following is a clear difference between the market system and government?
A) Collective welfare controls government policy; the market system serves the welfare of individuals. B) Competition regulates the market system, but competition does not constrain the actions of government officials. C) The market system serves the interests of some; government serves the interests of all. D) Each of the above statements expresses the difference between the two. E) None of the above expresses the difference between the two.
Jane's Garage Cleaning is a perfectly competitive firm that currently cleans 40 garages a week. Jane's marginal cost is less than the price she charges. Jane can increase her profit if she
A) charges a higher price. B) charges a lower price. C) cleans fewer than 40 garages a week. D) cleans more than 40 garages a week.
The statistic most often used by economists to measure the value of economic activity is ________
A) GDP B) the CPI C) labor-force participation rate D) the nominal interest rate E) the real interest rate
An unexpected increase in aggregate demand results in a decrease in real wages in the short run
a. True b. False Indicate whether the statement is true or false