The production possibilities frontier for a country is usually drawn
A. as a straight line, sloping downward.
B. as a straight line, sloping upward.
C. bowed outward from the origin.
D. bowed inward toward the origin.
E. as a dotted line when sloping downward and as a full line when sloping upward.
Answer: C
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The marginal cost to a student of missing a class meeting in Introductory Economics increases when
A) textbook prices increase. B) tuition rates increase. C) valuable information is communicated in the class meetings. D) any of the above occurs.
Actions taken by investors who sell a country's currency in anticipation of buying it back later at a lower price is known as
A) purchasing power parity. B) destabilizing speculation. C) currency arbitrage. D) exchange rate manipulation.
The Organization of Petroleum Exporting Countries (OPEC) is an example of a(n)
A) oil monopoly. B) cartel. C) competitive arrangement. D) prisoner's dilemma.
If consumers can easily switch to a close substitute when the price of a good increases, demand for that good is likely to be:
A. inelastic. B. elastic. C. unit elastic. D. perfectly inelastic.