Technological changes that increase productivity shift the
A. Marginal cost curve upward.
B. Production function downward.
C. Marginal physical product curve downward.
D. Average total cost curve downward.
Answer: D
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Recall the Application. The experiment conducted by Blinder showed that the actual process of having committee meetings and discussions
A) improved the group's overall performance. B) tended to polarize the group into two distinct factions. C) magnified the individual group member's differences. D) related to the average performance of the individual group members.
Governments can increase the consumption of a product that creates positive externalities by
A) taxing the production and consumption of the product. B) subsidizing the production of the product so that the supply is increased and market price is reduced. C) convincing everyone to consume the product. D) assigning property rights to the producers of the product.
When the Fed sells government securities in the open market, the money supply ________ because ________
A) decreases; banks lose liquidity, they make fewer loans and checking account deposits decrease B) increases; banks gain liquidity, they make more loans and checking account deposits increase C) increases; banks lose liquidity, they make more loans and checking account deposits increase D) decreases; banks gain liquidity, they make fewer loans and checking account deposits decrease E) none of the above
Consider the production possibilities frontier displayed in the figure shown. Which of the following statements is currently true?
A. Producing at point A is the best choice, because some of both items are made.
B. Producing at point D would be inefficient, since no books would be produced.
C. Producing at point C is the best choice, because it's closest to the middle.
D. Producing at point B is impossible.