The production possibilities frontier is a graph that shows the various combinations of output that an economy
a. should produce.
b. wants to produce.
c. can produce.
d. demands.
c
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
In a market where firms are successful in convincing their customers that their product is different from their competitors' product but otherwise have no barriers to entry would be best characterized by
A) monopolistic competition. B) a monopoly. C) perfect competition. D) an oligopoly market.
As the number of available substitutes for a good increases, the price elasticity of demand for the good will increase as well
Indicate whether the statement is true or false
It has been generally observed that most trade in the world occurs between a developed and a less-developed nation rather than between industrial or developed nations
a. True b. False Indicate whether the statement is true or false