Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. The slope of Country A's production possibilities frontier is ________, and Country B's is ________.
A. 1/5; 1/3
B. -5; -3
C. -30; -3
D. -1/5; -1/3
Answer: B
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The aging of the U.S. population has tended to ________ spending on health care, and the development of new drugs and medical equipment has tended to ________ spending on health care
A) decrease; increase B) increase; decrease C) increase; increase D) decrease; decrease
Price discrimination
A. may lead to greater output. B. always leads to a reduction of output. C. leads to lower profits for the firm. D. causes firms to operate at a higher cost.
Factors of production are the most likely to earn economic rent when they:
A. are used by many different firms. B. are fixed in the short run. C. cannot easily be duplicated. D. have high reservation prices.
The demand for a resource rises as
A. its productivity rises and the relative prices of substitutable resources rises. B. its productivity rises and the prices of substitutable resources falls. C. its productivity falls and the relative prices of substitutable resources falls. D. its productivity falls and prices of substitutable resources falls.