Answer the following statements true (T) or false (F)
1. Government regulations which affect entrepreneurial activities within a nation also affect total output and the standard of living.
2. A nation’s raw materials and sources of energy are considered part of its capital resources.
3. When the entire production possibilities curve shifts inward, the economy is growing.
4. A production possibilities curve shows the use of resources and the alternative combinations of goods that a society can produce.
1. TRUE
2. FALSE
3. FALSE
4. TRUE
You might also like to view...
To see how variables evolve over time we use
A) a scatter graph. B) an evolution plot. C) a cross-section plot. D) a time-series graph.
The above figure illustrates a single-price unregulated monopolist. If the monopolist maximizes its profit, the consumer surplus equals ________
A) $20,000 B) $10,000 C) $45,000 D) $40,000
In the long run, a monopolistic competitor
A) sets MR = MC. B) produces where P = AC. C) sets P > MC. D) All of the above.
Explain why the buffalo almost became extinct while cattle did not, even though both provide similar goods for people
What will be an ideal response?