The trade-off between the production of one good and the production of another good can change over time because of technological advances
a. True
b. False
Indicate whether the statement is true or false
True
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Use the above figure. A leftward shift of the supply curve, ceteris paribus, would result in
A) euro depreciation. B) dollar appreciation. C) dollar depreciation. D) increasing the equilibrium quantity of euros.
Which of the following is not a goal of government programs?
a. to enforce private property rights b. to prohibit natural monopolies c. to reduce pollution d. to transfer money from higher-income households to the poorest households e. to maintain price stability
The term opportunity cost refers to the
a. value of what is gained when a choice is made. b. difference between the value of what is gained and the value of what is forgone when a choice is made. c. value of what is forgone when a choice is made. d. direct costs involved in making a choice.
Because of scarcity, every economic decision involves
a. a trade-off. b. a trade-in. c. an increasing cost. d. a money payment. e. a tax or tariff.