If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line.
B. negatively sloped and "bowed inward" toward the origin.
C. negatively sloped and "bowed outward" from the origin.
D. a positively sloped straight line.
Answer: C
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A publisher sells $400,000 worth of books, magazines, and other reading materials in a given year. The publisher earns a profit of $100,000 that year. Her purchase invoices indicate that she bought $100,000 worth of glue, paper, and other materials during the year. Her labor costs were $150,000, and she purchased $45,000 of new equipment that year. Calculate her tax liability under a 12% consumption-type, value-added tax.
What will be an ideal response?
An agreement negotiated by two countries that places a numerical limit on the quantity of a good that can be imported by one country from another country is called
A) an import quota. B) an export quota. C) a non-tariff trade barrier. D) a voluntary export restraint.
The balance of payments ____
a. b and e b. is always zero c. is positive when the nation runs a trade surplus d. is negative when the nation runs a trade deficit e. is an itemized account of a nation's foreign economic transactions
Human capital is:
A. the talents, training, and education of workers. B. the financial resources available to humans for investment. C. the factories and machinery used by humans in the production process. D. the factories and machinery made by workers.