If we consider the reality that each worker has different skills, then the production possibilities frontier
A. cannot be drawn, as too many variables would need to be taken into consideration.
B. would display an increasing opportunity cost of a good as more of that good is produced.
C. would display a decreasing opportunity cost of a good as more of that good is produced.
D. would display a constant opportunity cost of a good as more of that good is produced.
Answer: B
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If demand is price elastic, then when price decreases, total revenue:
a. decreases. b. increases. c. does not change. d. is less than one. e. is negative.
If the U.S. government imposes a quota on leather shoes, then net exports of U.S. shoes would
a. rise. b. not change. c. fall. d. rise, not change, or fall depending on what happened to the exchange rate.
The main weapon advocated by the AFL to win their demands was the __________.
Fill in the blank(s) with the appropriate word(s).
Government actions to increase competition
What will be an ideal response?