The typical production possibilities curve is bowed outward due to
a. constant opportunity costs.
b. increasing opportunity costs.
c. decreasing opportunity costs.
d. technological innovations.
b. increasing opportunity costs.
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NCO plus domestic investment forms the:
A. demand for loanable funds in an open economy. B. supply of loanable funds in an open economy. C. demand for loanable funds in a closed economy. D. supply of loanable funds in a closed economy.
The utility that people experience from the consumption of a good depends on
A. their income level. B. total sales of the good. C. their tastes and preferences. D. how much shopping time they spent obtaining the good.
Everything else held constant, in the market for reserves, when the demand for federal funds intersects the reserve supply curve on the vertical section, increasing the discount rate
A) increases the federal funds rate. B) lowers the federal funds rate. C) has no effect on the federal funds rate. D) has an indeterminate effect on the federal funds rate.
When one person knows more than another, it creates a situation:
A. in which the transaction is always regretted. B. called information asymmetry. C. in which the transaction will not occur. D. called information dominance.