Production indifference curves generally have a positive slope.
Answer the following statement true (T) or false (F)
False
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Which of the following is NOT a scarce resource?
A) Gold B) Pollution C) Petroleum D) iPhones
What are the major criticisms of the Lorenz curve?
What will be an ideal response?
Workers at a car-manufacturing plant in Flint, Michigan are laid off because the economy is weak and GM cars aren't selling well. GM isn't sure when the plant will reopen. What type of unemployment best describes the workers' situation?
A. Frictional unemployment B. Full unemployment C. Cyclical unemployment D. Structural unemployment
The intention of a price floor is to help producers by setting a higher than equilibrium price. What is one unintended consequence of this policy?
A. There is more scarcity in the economy. B. Economic surplus decreases. C. Consumer surplus increases. D. Producer surplus increases.