At all prices below the shutdown point, optimal short-run output is zero.
Answer the following statement true (T) or false (F)
True
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The above figure shows the production possibility frontier for a country. What is the opportunity cost per ton of rice to move from point D to E?
A) 3000 bottles of wine B) 333 bottles of wine C) 3 bottles of wine D) 1/3 of a bottle of wine E) None of the above answers is correct.
Refer to Table 2.3. Assume that 2010 is the base year. Real GDP in 2010 is
A) $490.00. B) $580.00. C) $671.00. D) $812.00.
Which of the following does not explain why the aggregate demand curve is negatively sloped?
a. misperception effect b. open economy effect c. real wealth effect d. interest rate effect
Production is efficient when
A. the economy cannot produce more of one good without giving up the production of another good. B. technological change occurs. C. it generates a point beyond the production possibility curve. D. the maximum amounts of the most important good are produced.