As you move down the production possibility frontier, the absolute value of the marginal rate of transformation
A. increases.
B. initially decreases, then increases.
C. decreases.
D. initially increases, then decreases.
Answer: A
You might also like to view...
Which of the following sets of terms describes the problem of scarcity in economics?
A) goods, land, and needs B) labor, needs, and opportunity costs C) choices, opportunity costs, and trade-offs D) production, consumption, and wants
In the open-economy macroeconomic model, the market for loanable funds identity can be written as
a. S = NCO - I b. S = NCO c. S = I - NCO d. S = I + NCO
The World Bank is an international agency that lends money to individual countries for projects that promote economic development.
Answer the following statement true (T) or false (F)
The Bureau of Labor Statistics is responsible for
A. administering the U.S. Census. B. calculating net marginal product for private businesses. C. regulating accounting standards. D. gathering various employment statistics.