Macland is specializing and trading with Microland. Where will Macland be on its production possibility frontier?
a. It will be on the PPF.
b. It will be inside the PPF.
c. It will be outside of the PPF.
d. It will be shifting the PPF out.
c. It will be outside of the PPF.
You might also like to view...
A firm in ________ will engage in ________ to try to earn an economic profit
A) perfect competition; advertising B) monopolistic competition; product differentiation C) perfect competition; price wars D) monopolistic competition; price wars
An example of moral hazard is
a. people drive as carefully in icy conditions with antilock brakes as without b. people drive as safely with more airbags as without c. football players with safer helmets 'spear' with their heads more often when tackling d. people read the medicine warnings as carefully when self-medicating as with a doctor's prescription
A market basket:
A. looks like a really long shopping list for what firm’s typically purchase. B. includes specific goods and services in fixed quantities that roughly correspond to a typical consumer's spending. C. onlyincludes housing, food, and clothing, but not things like transportation. D. is what an economist creates in order to understand purchasing trends of households and firms.
The term _____ refers to the idea that the value people place on money depends on where that money comes from
a. decision making b. psychological pricing c. mental accounting d. marketing mix e. anchoring