Typical project charter elements paired with the questions they answer are listed below. Which of these is NOT correct?
a. Background - Answers the question "Who?"
b. Resources - Answers the question "How Much?"
c. Scope overview - Answers the question "What?"
d. Milestone schedule - Answers the question "When?"
Ans: a. Background - Answers the question "Who?"
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When a production possibilities frontier is bowed outward, as more of one good is produced, its opportunity cost
A) increases. B) decreases. C) remains constant. D) might increase, decrease, or remain constant depending on how much people value the additional units of the good. E) cannot be predicted.
Points to the left of the IS curve represent excess demand for goods
Indicate whether the statement is true or false
The SRAS curve is ____ with real output levels that ____
a. upward sloping; vary positively with the price level b. upward sloping; vary negatively with the price level c. vertical; are equal to the natural level of real output at all price levels d. vertical; can be either greater than or less than the natural level of real output
Answer the following questions true (T) or false (F)
1. If a country produces only two goods, then it is not possible to have an absolute advantage in the production of both goods. 2. In a two-good, two country world, if one country has an absolute advantage in the production of both goods, it must also have a comparative advantage in the production of both goods. 3. If the opportunity cost of producing more of one good remains the same as more of that good is produced, then the production method is inefficient.