If production involves constant opportunity cost, the production possibilities curve
a. is "bowed inward."
b. is a straight line.
c. is "bowed outward."
d. is a wavy line.
e. has an unpredictable shape.
b
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A kinked demand curve is based on the actions of an oligopolist to follow a price increase but not a price reduction
a. True b. False Indicate whether the statement is true or false
The principle of subsidiarity states that
A) individual countries do not have to give up individual sovereignty for the good of the union. B) the union only has the authority to deal with issues best handled by international action. C) the union is the ultimate arbiter of all European issues. D) the union has no authority within countries.
Wendell just read an article that says scientists have proven that processed cheese food increases brain power. We would expect Wendell's demand for processed cheese food to:
A. increase and shift to the left. B. decrease and shift to the left. C. decrease and shift to the right. D. increase and shift to the right.
Real GDP will increase
A) only if the price level rises. B) only if the price level falls. C) only if the quantity of final goods and services produced rises. D) if either the price level rises or the quantity of final goods and services produced rises.