The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
Relative to point X, at point Y:
A. more skirts and fewer dresses are produced.
B. more dresses and fewer skirts are produced.
C. more dresses and more skirts are produced.
D. fewer skirts and fewer dresses are produced.
Answer: A
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Which demand is more price elastic: The demand for all personal computers or the demand for Dell computers? Explain your answer
What will be an ideal response?
The second stage of economic analysis includes asking
a. if the process an individual uses to make decisions is rational or not. b. what may cause preferences to change. c. how the optimal solution would change if constraints change. d. what other criteria might be used to evaluate an outcome.
An increase in the price level and a reduction in output would result from
a. an increase in the money supply. b. an increase in government expenditures. c. a fall in stock prices. d. bad weather in farm states.
Refer to the figures. Which of the following events would most likely result in inflation?
A. A shift from D 2 to D 1 in Figure A.
B. A shift from D 2 to D 3 in Figure A.
C. A shift from D 2 to D 1 in Figure B.
D. A shift from D 2 to D 3 in Figure B.