The production possibilities frontier is used by economists to depict
A) the strictly financial costs of production.
B) the opportunity costs of production.
C) the strictly financial benefits of production.
D) the opportunity benefits of production.
B
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The responsiveness of the quantity demanded of one good to a change in the price of a different good is measured by the:
A. cross-price elasticity of demand. B. income elasticity of demand. C. price elasticity of supply. D. price elasticity of demand.
Which of the following scenarios would tend to raise the value of the U.S. dollar in foreign exchange markets?
A. An increase in the U.S. demand for foreign oil B. A rise in U.S. interest rates C. Enactment of contractionary fiscal policy in the United States D. Enactment of easy monetary policy in the United States
Conditional input demands are homogeneous of degree zero in input prices.
Answer the following statement true (T) or false (F)
Chapter 16 on "Financial System Design" calls the asymmetric information problem discussed in earlier chapters the __________ conflict
A) manager-stockholder B) stockholder-lender C) manager-lender D) profit-risk