Points outside the production possibilities curves:
A) are feasible and maximize efficiency.
B) are not feasible because of a resource constraint.
C) are feasible but not preferred because they are inefficient.
D) are not feasible because they don't utilize all of the available resource.
B
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Refer to Goods X and Y. The relative price of good X in terms of good Y is always equal to
Assume that good X is on the horizontal axis and good Y is on the vertical axis in the consumer-choice diagram. PX denotes the price of good X, PY is the price of good Y, and I is the consumer's income. Unless otherwise stated, the consumer's preferences are assumed to satisfy the standard assumptions. a. the magnitude of the slope of the budget line. b. the marginal value of X in terms of Y. c. the horizontal intercept of the budget line. d. the vertical intercept of the budget line.
The median wage among physicians is over $166K a year, while the median salary for physician assistants is $86K a year
These salaries suggest that physicians have ________ human capital than physician assistants and hence the demand for labor for physicians is ________ than the demand for labor for physician assistants. A) more; less B) more; greater C) less; greater D) less; less
A reliable indicator of a healthy economy is a stable currency
a. True b. False
A nation's standard of living: a. will increase substantially over time even for a small increase in the growth rate. b. will increase by the same amount as the increase in the growth rate
c. will decrease substantially over time even for a small increase in the growth rate. d. will increase less than the amount of the increase in the growth rate.