For a self-sufficient producer, the production possibilities frontier
a. is the same as the consumption possibilities frontier.
b. is greater than the consumption possibilities frontier.
c. is less than the consumption possibilities frontier.
d. is always a straight line.
a
You might also like to view...
Perfect competition does not assume that
a. buyers are well informed about products and prices. b. free entry into and exit from the market exists. c. no individual buyer or seller can influence a price. d. all firms operate at the same cost.
The aggregate expenditure curve tells how much market participants desire to spend at different income levels.
Answer the following statement true (T) or false (F)
Which of the following is a form of government intervention?
A. Natural monopoly. B. Regulation. C. Public goods. D. Externalities.
The gold standard probably made the Great Depression more severe in the United States because
A) the value of gold declined sharply during those years. B) the existence of the gold standard kept prices from falling. C) the money supply in the United States increased rapidly as gold flowed into the country. D) the Fed attempted to reduce gold outflows by raising the discount rate.