Economists believe that production possibilities frontiers
a. never have a bowed shape.
b. rarely have a bowed shape.
c. often have a bowed shape.
d. always have a bowed shape.
c
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A marginally attached worker is a person who ________
A. works part time for economic reasons B. works part time for noneconomic reasons C. doesn't work, is available and willing to work, but hasn't looked for job recently D. has no job but would like one and has gone back to school to retrain
Under what conditions should a competitive firm shut down in the short run?
What will be an ideal response?
A mixed economy is one in which
a. a mixture of businesses exist and function. b. there is a mixture of public influence over government. c. government plays a dominant role, and private markets are secondary. d. there is some public influence over free markets.
Henry wants to buy a book. The economic perspective suggests that Henry will buy the book if:
A. the book will give him utility. B. the marginal benefit of the book is greater than its marginal cost. C. his income is high. D. the marginal cost of the book is greater than its marginal benefit.