A PPF is more likely to be a downward-sloping curve that is bowed outward than a downward-sloping straight line because most resources are
A) better suited for the production of some goods than others.
B) used efficiently.
C) relatively cheap at low levels of output.
D) used to produce consumption goods.
A
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No firm's total revenue could exceed its total opportunity costs if
A) all firms were price takers. B) prices always cleared the market. C) quantity demanded of every good equaled the quantity supplied. D) the future were completely predictable. E) there were no legal restrictions on entry into any industry.
The group of economists who believe politicians are subject to the laws of demand and supply and focus on this in their analysis are known as:
A. libertarian economists. B. orthodox economists. C. public choice economists. D. radical economists.
The wearing out of plants and equipment is known as
A. Maintenance Costs. B. Depreciation. C. Chain-weighted adjustment. D. Inflation.
(Last Word) In their effort to provide disaster relief after Hurricane Katrina, the Federal Emergency Management Agency (FEMA) made payouts on as many as 900,000 claims with invalid Social Security numbers or false names and addresses. This example
illustrates: A. the benefits-received principle. B. logrolling. C. bureaucratic inefficiency. D. the problem of limited and bundled choices.