The Phillips curve indicates that when the labor market is ________, production costs will ________ and aggregate supply increases
A) easy; rise
B) easy; fall
C) tight; fall
D) tight; rise
B
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When the production possibilities frontier is bowed outwards, the opportunity cost of producing more of one good
A) increases in terms of the amount foregone of the other good. B) decreases in terms of the amount foregone of the other good. C) remains constant. D) cannot be determined.
Which of the following goods has the property of rivalry?
A) national defense B) a highway C) air to breath D) an outdoor movie screening
A perfectly elastic demand curve is
A) vertical. B) horizontal. C) a rectangular hyperbola. D) a downward sloping straight line.
Refer to the table below. Marginal utility begins to diminish with the consumption of the:
The table below shows a consumer's utility schedule.
A. Fifth unit
B. Fourth unit
C. Third unit
D. Second unit