If society is producing a combination of goods on its production possibilities frontier
a. it must be employing all available resources.
b. it must be growing.
c. it is using all the available natural resources but may not be using all available labor resources.
d. Both a and b.
a
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Which of the following statements is correct?
A) When a line slopes downwards moving to the right, the variable measured on the x-axis and the variable measured on the y-axis are directly related. B) When a line slopes upwards moving to the right, the variable measured on the x-axis and the variable measured on the y-axis are directly related. C) The higher the temperature, the more ice cream people consume. Thus the temperature and ice cream consumption are inversely related. D) If two variables are directly related, a graph of the two variables has a negative slope. E) None of the above statements is correct.
To maximize its profit, the firm in the figure above will produce ________ jeans and set a price ________ per pair of jeans
A) 150; between $50 and $25 B) 125; $25 C) 125; $50 D) 125; $75 E) None of the above answers are correct.
Market specialization and the rise of the division of labor
A) create important conditions for economic growth. B) help explain why some nations are wealthier than others. C) do both of the above. D) do neither of the above.
A newspaper article in commenting on the local electric monopoly tells its readers that the company's dominant economic position as a monopolist allows it to produce whatever output level it desires and to set whatever price it wishes
Critically evaluate this position.