The concept of "scarcity" implies that:
a. all output combinations below a nation's production possibilities frontier is unattainable
b. a nation should allocate its resources to the production of only one good.
c. a nation is limited in its capacity to produce goods and services by its available resources and technology.
d. all production combinations above a nation's production possibilities frontier are inefficient.
c
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Which of the following does NOT help organize trade?
A) property rights B) markets C) the production possibilities frontier D) None of the above because all these answers given help organize trade.
The extra cost associated with undertaking an activity is called
A) opportunity cost. B) foregone cost. C) marginal cost. D) net loss.
Deflation causes the demand for bonds to ________, the supply of bonds to ________, and bond prices to ________, everything else held constant
A) increase; increase; increase B) increase; decrease; increase C) decrease; increase; increase D) decrease; decrease; increase
A consumer is in equilibrium if he or she derives the same
A. total utility from each good consumed. B. total utility per dollar spent on each good consumed. C. marginal utility from each good consumed. D. marginal utility per dollar spent on each good consumed.