If the citizens of a country were to work harder and take less leisure time, it would
a. shift the production possibilities curve outward.
b. cause an economy to operate inside its production possibilities curve.
c. shift the production possibilities curve inward.
d. cause an economy to move from one point on the production possibilities curve to another point on the curve.
A
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Refer to Table 2-5. Finland has a comparative advantage in the production of
A) lumber. B) neither product. C) cell phones. D) both products.
When buying a car from a commission salesman you improve your bargaining position by
a. shopping for last year's model when the new model year cars are arriving b. shopping when the showroom is full of customers c. shopping when the car lot has few cars left unsold d. shopping toward the beginning of the month
Using the above table, the market clearing price for this product is
A. $5. B. $2. C. $4. D. $3.
What percentage of the average U.S. firm's costs are accounted for by wages and salaries?
A. 40. B. 60. C. 75. D. 85.