A production possibilities curve shows the relationship between:
A) the price of a good and its quantity supplied.
B) the maximum production of one good for a given level of production of another good.
C) the different combinations of two inputs used to produce a given quantity of output.
D) the quantity of output produced and the amount of inputs required for the production of the output.
B
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All of the following are characteristics of a proprietorship EXCEPT
A) the business is owned by one individual. B) one person is responsible for all the debts of the firm. C) one person gets all of the profits. D) the firm can form a corporation to protect itself against the debts.
Conventional economic theory assumes that people
a. care a great deal about fairness. b. are inconsistent over time in their decisionmaking. c. are rational. d. are satisficers.
In 2012, the United States imposed antidumping and countervailing duties totaling 24% and 36%, respectively, on imports of solar panels from two groups of Chinese solar panel exporters. Which of the following describes the process that led to these duties?
I. The U.S. Department of Commerce determined that China was dumping and subsidizing solar panels in the U.S. market II. The U.S. International Trade Commission determined that Chinese solar panel imports caused material injury to U.S. solar panel producers. III. The World Trade Organization determined that China was dumping and subsidizing solar panels in the U.S. market a. I and II b. I and III c. II and III d. I, II, and III
Equilibrium expenditure is defined as the level of aggregate expenditure where
What will be an ideal response?