Which of the following would be most likely to cause the production possibilities curve for computers and education to shift outward?
A. A choice of more computers and less education.
B. A choice of more education and less computers.
C. A reduction in the labor force.
D. An increase in the quantity of resources.
Answer: D
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Creating market power through the use of tariffs or quotas can
A) drive price to the monopoly level. B) increase the world price of the good that is targeted. C) increase government revenue. D) All of the above.
It is possible that class discrimination has become a stronger force in American society than racial discrimination
Indicate whether the statement is true or false
The division of labor helps to explain why: a. consumers need not have a deep knowledge of the goods they consume
b. consumers can only consume those goods of which they have an in-depth knowledge. c. domestic industries need protection from foreign competition. d. government intervention is required for the market to work efficiently.
One central idea in supply-side economics concerning budget deficits is illustrated by the:
A. Production possibilities curve B. Aggregate supply curve C. The Laffer Curve D. The Phillips Curve