Points inside (below) the production possibilities frontier (PPF) are
What will be an ideal response?
attainable and productive inefficient.
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The figure above shows short-run cost curves for a perfectly competitive firm. If the price of the product is $8 and the firm does not shut down, the firm's output in the short run
A) will be 0. B) will be between 0 and 10. C) will be 10 or higher. D) cannot be determined without more information.
In a country with a working-age population of 200 million, 140 million people are employed and 20 million are unemployed. The size of the labor force is
A) 200 million. B) 160 million. C) 140 million. D) 20 million. E) 120 million.
The forward exchange rate is relevant to transactions ________
A) that require an immediate transfer of funds B) that require a future transfer of funds C) that involve a transfer of funds within a corporate entity D) crossing state lines
The best combination of inputs at one level of production may not be best at other levels.
a. true b. false