At various points along the production possibilities frontier,
a. the greatest achievable output levels are illustrated
b. resources are not fully employed
c. more of one good can be obtained without giving up more of the other
d. more efficient output levels are possible
e. society is equally well off
A
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Utility is:
A) a measure of income. B) a measure of savings. C) a measure of satisfaction. D) a measure of expenditure.
As a general rule, consumers have
A. limited income. B. unlimited desires for goods. C. many choices of goods facing them. D. All of the responses are correct.
Average variable costs and average total costs are calculated by dividing by ________
a. revenue b. profit (P) c. output (Q) d. fixed costs (FC)
Equilibrium in the money market exists when
A) at a given interest rate, excess supply of money is equal to the quantity demanded of money. B) at a given interest rate, excess demand for money is equal to the quantity demanded of money. C) the supply of money curve intersects the demand for money curve at the prevailing interest rate. D) b and c