If the production possibilities frontier is ________, then opportunity costs are constant as more of one good is produced
A) bowed out B) linear C) bowed in D) non-linear
B
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The supply curve will shift to the left when
A) the supply of the product increases. B) the demand for the product decreases. C) some producers leave the industry. D) the product becomes fashionable.
Answer the following statements true (T) or false (F)
1. If everyone had the same income, the Lorenz curve would become the line of income equality. 2. The farther the Lorenz curve bows away from the line of income inequality, the greater is the inequality of income distribution. 3. If new, highly progressive tax laws are enacted, the resulting Lorenz curve will move to the right-hand corner of the graph. 4. A country with an equal distribution of income will have a higher standard of living than a country with a more unequal distribution of income. 5. If income were distributed solely according to productivity, some individuals would not receive any income.
After September 11, 2001, President George W. Bush believed in the need for a fiscal stimulus. The proper fiscal policy to reflect this could include a(n)
a. increase in taxes. b. reduction in transfer payments. c. increase in government purchases. d. All of the above are correct.
Explain how short-run and long-run equilibrium in monopolistic competition differ. Use graphs to illustrate your answer. Be sure that your graphs are completely and correctly labeled.
What will be an ideal response?