A combination of two goods which lies beyond the production possibilities curve indicates:
a. underutilization of resources
b. overutilization of resources.
c. constant opportunity costs.
d. a combination that cannot be produced with existing resources.
e. society's most preferred combination of two goods.
d
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In neoclassical growth theory, technological progress is the key to continuous growth in labor productivity
Indicate whether the statement is true or false
If an item has several good substitutes, the demand curve for that item is likely to be
A) relatively inelastic. B) relatively elastic. C) perfectly inelastic. D) unit elastic.
Which is the best example of an intangible good?
A) the car you dream of owning but cannot afford B) the suit you hope will make a good impression when you go on job interviews C) the textbook study guide you hope will prepare you to perform well on examinations D) the advice and expertise provided by the music store clerk who sold you that CD
The marginal cost of labor for a perfectly competitive firm is the
a. change in total revenue that results from employing an additional worker b. wage rate c. marginal revenue product curve d. demand curve for labor e. marginal physical product of labor