One way to attain a faster rate of economic growth would be to shift some resources from the production of _________ goods to the production of __________ goods.
Fill in the blank(s) with the appropriate word(s).
consumer; capital
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Irrespective of the market structure, a firm maximizes profit at the level of output where the price of its product equals its marginal cost
a. True b. False Indicate whether the statement is true or false
The marginal (dollar) cost of an additional plate of food to a patron at an "All-You-Can-Eat" restaurant is: a. equal to the price paid for the meal divided by the number of plates of food consumed. b. equal for every plate of food consumed during the meal
c. equal to zero. d. equal to the price paid for the meal (since there is no such thing as a free lunch).
A midwestern farmer grows wheat and sells it to a miller for $500 . After processing, the miller sells the flour to a baker for $800, who then sells it to a grocery store for $1,000 . The grocery store sells it to customers for $1,200 . In these transactions, how much has been added to GDP?
a. $500 b. $800 c. $1,000 d. $1,200 e. $3,500
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.