If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line.
B. negatively sloped and "bowed inward" toward the origin.
C. negatively sloped and "bowed outward" from the origin.
D. a positively sloped straight line.
Answer: C
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Expenditures on major need-tested programs from the federal government for medical care amounted to _____ in 2009.
A. $98.1 B. $28.8 C. $46.9 D. $200.0 E. none of these answer options are correct.
Excise taxes constitute a large source of government revenue
a. True b. False
To say that there is a scarcity of gold means that:
a. gold prices will fall in the future. b. there is not enough gold to satisfy people's demand for it at a zero price. c. there are very few substitutes for gold. d. gold is very expensive. e. the demand for gold is changing.
According to the monetarists, government intervention can stabilize the economy and minimize the effect of business cycles
a. True b. False Indicate whether the statement is true or false