If a production possibilities curve were bowed in or convex to the origin of a graph, it would demonstrate:
A) increasing opportunity cost.
B) decreasing opportunity cost.
C) constant opportunity cost.
D) fluctuating opportunity cost.
Answer: B) decreasing opportunity cost.
You might also like to view...
Fireworks would be considered:
A. a common resource. B. a private good. C. a public good. D. an artificially scarce good.
Which of the following is true at the output level where average total cost is at its minimum?
A) Marginal cost equals average variable cost. B) Average variable cost equals fixed cost. C) Average total cost equals average fixed cost. D) Marginal cost equals average total cost.
According to efficiency wage theory, a firm that raises wages by one percent will actually lower the labor cost per unit of output if the wage increase
A) raises output per worker by more than one percent. B) raises output per worker by less than one percent. C) does not change output per worker. D) lowers output per worker by less than one percent.
Indians and Indian-Americans have played a pivotal role in powering Silicon Valley's digital revolution. The emigration of talented people from countries like India to countries like the United States is often called:
A. credentialism. B. the brain drain. C. Malthusianism. D. outsourcing.