The production possibilities curve represents the set of all:
A. feasible combinations of goods that the economy can produce given that a nation's resources are fully employed.
B. factors of production that can be used to manufacture goods and services.
C. combinations of goods and services that can be used in the production of other goods and services.
D. nonlinear forms of production in the economy.
Answer: A
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A simultaneous increase in both the demand for computers and the supply of computers must increase
a. the number of computers bought and sold. b. the price of computers. c. both the equilibrium price and quantity of computers. d. the shortage of computers in the market.
Consider the following actions undertaken by a firm:
a. charging a higher price for products of higher quality b. charging different prices to different consumers for the same product when the variation cannot be explained by cost differences c. charging different prices for products of different qualities d. charging a lower price to match a competitor's price Which of the above will be considered price discrimination? A) a, b, c, and d B) a, b, and d only C) b and d only D) b only
“Satisficing” rather than “maximizing” primarily emerges under conditions where
A. information is costly. B. management lacks ambition. C. profit maximization is rejected on moral grounds. D. risk is minimal.
If consumption expenditures increased by $150 million, while GDP remained the same, which of the following could have occurred, all else equal?
a. Exports increased by $150 million b. Imports decreased by $150 million c. Net exports increased by $150 million d. Net exports decreased by $150 million e. Private investment increased by $150 million