A production possibilities frontier can shift inward if there is
a. an increase in the unemployment rate
b. mandatory retirement at age 55
c. an improvement in technology
d. a larger work force
e. a larger capital stock
B
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If the production possibilities frontier is a straight line, then the
A. opportunity cost of producing one good is zero. B. society is capable of producing only one of the goods and not the other. C. producer can produce more of both goods simultaneously. D. law of constant opportunity costs applies.
In recent economic history, the U.S. federal budget was in surplus from
A) 2001 through 2005. B) 1998 through 2001. C) 1990 through 1997. D) 1980 through 1989.
Generally, as goods are more broadly defined,
a. demand becomes more price elastic b. demand becomes less price elastic c. total expenditure falls as the price decreases d. the demand curve becomes straighter e. more substitute goods can be identified
In the above table, what is the marginal factor cost of the 4th worker?
A. $22 B. $30 C. $64 D. $16