Any production point outside the production possibilities frontier is
A) unattainable.
B) associated with unused resources.
C) attainable only if prices fall.
D) attainable only if prices rise.
A
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A debit card is
A) money because it is a means of payment. B) not money but is used to transfer bank deposits which are money. C) money because it is generally accepted as a means of payment. D) not money because it is not officially issued by the government. E) part of the M2 money supply but not part of the M1 money supply.
? In Figure 5-13, the slope of the budget line (dropping all minus signs) equals
A. price of good X/price of good Y. B. price of good Y/price of good X. C. the minimum number of units of good Y the consumer would have to receive to make him willing to give up one unit of good X. D. the minimum number of units of good X the consumer would have to receive to make him willing to give up one unit of good Y.
Private solutions often are not possible due to the costs of negotiating and enforcing these solutions. Such costs are called: a. transaction costs
b. external costs. c. deadweight losses. d. social costs.
Which of the following is an example of outsourcing?
a. When production of economics textbooks, management textbooks, and finance textbooks can be done by a single publishing company at lower average cost than by separate publishing companies that specialize in just one topic. b. When a firm produces 600,000 units per month to realize the minimum average cost of producing a unit of output. c. When a firm finds that it is more profitable to contract for certain inputs or functions supplied by others than to produce those inputs or functions itself. d. When a steel company integrates backward to mine iron ore and even the coal used to smelt iron ore.