An expansion of the production possibilities frontier is
A) called economic growth.
B) proof that scarcity is not a binding constraint.
C) a free gift of nature.
D) something that has occurred only rarely in history.
A
You might also like to view...
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
The nominal interest rate is the
a. interest rate corrected for inflation. b. interest rate as usually reported by banks. c. real rate of return to the lender. d. real cost of borrowing to the borrower.
Suppose you own a firm that produces widgets and is a monopoly. The market demand is given by the equation P = 100 - 2Q, where P is the price of gadgets and Q is the quantity of gadgets sold per week. The firm's marginal costs are given by the equation MC = 16Q. When the monopolist maximizes profits the price elasticity of demand for widgets is
A. 9. B. 36. C. 0.02. D. 0.5.
Which of the following is true about diversity of citizenship jurisdiction?
a) Diversity of citizenship jurisdiction means that many lawyers enjoy the higher status that comes in practicing before the federal bench b) Defendant' attorneys know that removal is common and that it will move the case along faster by filing in federal court to begin with c) Defense lawyers believe that there is sometimes a "home-court advantage" for a nonresident plaintiff who brings a lawsuit against an in-state in his local state court d) The Constitution established diversity jurisdiction because it feared that local courts would be generous toward people from other states.