What would be the output combination for two products A and B on the production possibility frontier, if a country uses its entire resources for producing A?
a. A - Maximum; B - Zero
b. A- Maximum, B - Maximum
c. A - Zero, B - Maximum
d. A - Zero, B - Minimum
a
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The principle of comparative advantage was first explained by David Ricardo in the early 1800s.
Answer the following statement true (T) or false (F)
Personal income and personal disposable income refer to payments ultimately flowing to
A) governments. B) households. C) foreigners. D) firms.
Refer to Figure 11-6. In the figure above which letter represents the average total cost curve?
A) A B) B C) C D) D
In response to an unanticipated easing of monetary policy, the Fed funds rate ________ at first, then ________ after 6 to 12 months
A) rises; returns most of the way to its original value B) falls; returns most of the way to its original value C) remains roughly unchanged; rises significantly D) remains roughly unchanged; falls significantly