The figure above shows Roger's production possibilities frontier. Point a is an ________ point and at that point production is ________
A) attainable; efficient
B) attainable; inefficient
C) unattainable; inefficient
D) unattainable; efficient
B
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If the price elasticity of demand for a product equals 1, as its price rises the
A) quantity demanded increases. B) total revenue increases. C) quantity demanded does not change. D) total revenue does not change.
The upward and downward movement of aggregate output produced in the economy is referred to as the
A) roller coaster. B) see saw. C) business cycle. D) shock wave.
Stephen R. Covey's book The 7 Habits of Highly Effective People has as the final 7th Habit the following:
a. Sharpen the saw b. Be proactive c. Synergize d. Think win-win
Refer to the above figure. Which panel demonstrates the law of supply?
A) Panel A
B) Panel B
C) Panel C
D) Panel D