A point lying to the northeast of the production possibilities frontier is
A) unattainable.
B) efficient.
C) inefficient.
D) profitable.
A
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Refer to the Article Summary. Assume that foreign governments begin to publicize their existing medical services to American medical tourists and more Americans consider hip-replacement surgery to improve their quality of life
What will happen in the market for hip-replacement surgery as a result of these two factors? A) Demand will increase, but these two factors will not shift the supply curve. B) Demand will increase and supply will decrease. C) Supply will increase, but these two factors will not shift the demand curve. D) Demand and supply will both increase.
For a particular production function, over the range of output where marginal product rises as units of the variable input are added to the fixed input, marginal cost will be:
A) increasing. B) constant. C) decreasing. D) cannot be determined without additional information.
Who owns the Fed?
a. The federal government. b. The states. c. The District Federal Reserve Banks. d. All banks. e. Member banks.
Fixed costs plus variable costs equal:
A. marginal costs. B. average costs. C. average total costs. D. total costs.