The position of a country's production possibilities curve in the future will be affected by:
a. the rate of technological progress
b. discoveries of supplies of natural resources.
c. the growth rate of productivity in the country.
d. all of the above.
d
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Profit can be maximized only where marginal revenue equals
A. average cost. B. total cost. C. marginal cost. D. average cost.
A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5 . Eleven sellers are also willing to sell at the same prices. How many transactions must the market maker make if he wants to maximize his profits?
a. 1 b. 2 c. 3 d. 4
Moving downward along a straight-line demand curve, the absolute value of the price elasticity of demand
a. always rises b. rises until the midpoint of the curve is reached, and then falls c. falls until the midpoint of the curve is reached, and then rises d. always falls e. falls from 1 to 0
Which of the following sayings best reflects the concept of opportunity cost?
a. "You can't teach an old dog new tricks." b. "Time is money." c. "I have a baker's dozen." d. "There's no business like show business."