Which of the following is true about the production possibilities curve when a technological progress occurs? The curve:
a. shifts inwards to the left.
b. becomes flatter at one end and steeper at the other end.
c. becomes steeper.
d. shifts outward to the right.
e. does not change.
d
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If the price of a good rises by 10% and the quantity purchased falls by 15%, then demand for the good is ________ and total spending on the good will ________
A) elastic; increase B) inelastic; increase C) elastic; decrease D) me and so inelastic; decrease
Why does an economy need a rationing mechanism?
A) because of scarcity B) because it preserves the power of the wealthy C) because it eliminates poverty D) All of the above are correct.
Economists believe that people's wants are
a. limited by their incomes b. insatiable c. scarce d. mostly irrational e. mostly psychological
Cartels are
a. difficult to organize. b. difficult to preserve. c. especially unlikely to succeed if the members sell many varied products. d. All of the above are correct.