As a student, Anne spends 40 hours per week writing term papers and completing homework assignments. On one axis of her production possibilities frontier is measured the number of term papers written per week. On the other axis is measured the number of homework assignments completed per week. Anne's production possibilities frontier is a straight line if
a. she faces no trade-off between writing term papers and completing homework assignments.
b. she can switch between writing term papers and completing homework assignments at a constant rate.
c. the rate at which she can switch between homework assignments and term papers depends on the number of homework assignments she is completing and on the number of term papers she is writing.
d. she is required by her professors to spend half of her time on term papers and the other half of her time on homework assignments.
b
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What is a black market?
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In the 1850s, the growth rate of real wages in U.S. manufacturing slowed to nearly zero because
a. the demand for manufacturing labor and the supply of manufacturing labor increased by approximately the same amount during this period. b. the demand for manufacturing labor and the supply of manufacturing labor decreased by approximately the same amount during this period. c. the demand for manufacturing labor increased more rapidly than the supply of manufacturing labor during this period. d. the demand for manufacturing labor increased while the supply of manufacturing labor decreased during this period.
Scarcity is a(n):
a. problem only in industrialized economies. b. condition measured by the quantity of goods available. c. subjective concept that human wants can never be satisfied. d. problem only in poor economies.
Governments usually provide national defense from tax funds because
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