Whenever productive resources are used to make capital goods
A. society is giving up current consumption.
B. the production possibilities curve becomes flatter.
C. absolute advantage occurs.
D. society is not producing efficiently.
Answer: A
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A) explicit; accounting B) total; economic C) real; explicit D) economic; legal
Excess burden calculations typically assume many other distortions.
A. True B. False C. Uncertain
In the above table, if this is a perfectly competitive firm and the market price of the product is $8, what is the marginal revenue product of worker 3?
A) $96 B) $88 C) $80 D) $240
List the factors that might influence a country's exports, imports, and trade balance