A production possibilities frontier is bowed outward when
a. the more resources the economy uses to produce one good, the fewer resources it has available to produce the other good.
b. an economy is self-sufficient instead of interdependent and engaged in trade.
c. the rate of tradeoff between the two goods being produced is constant.
d. the rate of tradeoff between the two goods being produced depends on how much of each good is being produced.
d
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What kinds of domestic policies, short of significant debt reduction, can be followed to alleviate a debt crisis? How effective have these policies been?
What will be an ideal response?
In his book, An Inquiry into the Nature and Causes of the Wealth of Nations, economist Adam Smith argued that individuals
A) always tend to act in an altruistic manner. B) always consider the impact of their actions on the welfare of others. C) are motivated by self-interest. D) are generally not concerned with economic questions.
Which of the following is true?
A) Entrepreneurs are under-represented among millionaires. B) All of the above are true. C) The parents of successful entrepreneurs almost always have at least a college education. D) Successful entrepreneurs are good at discovering profitable opportunities that have been overlooked by others.
The "time-value of money" refers to the fact that:
A. a given amount of money becomes more valuable over time. B. a given amount of money is more valuable the sooner it is obtained. C. people expect monetary compensation for their labor time. D. a given amount of money today is equivalent to a smaller amount of money in the future.