Economic growth causes the PPF to
What will be an ideal response?
shift rightward
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Hector's wealth is zero, he expects to work for another 45 years at a constant salary of $80,000 and live for another 60 years. If yearly taxes are $20,000 and Hector completely smooths consumption over his lifetime, his annual consumption is
A) $37,500. B) $45,000. C) $60,000. D) $70,000.
Using the rule that focuses on the marginal approach to maximizing profits, a monopolist charges a price where the:
a. output sold is maximized. b. ATC curve is minimized. c. MR = MC. d. MR = 0.
Can activities like driving faster than the speed limit or driving without wearing a seat belt be considered rational behavior? Why or why not?
The difference between scarcity and a shortage is that
A. scarcity always is a part of human life while shortages usually are temporary. B. shortages are always part of human life while scarcity is usually temporary. C. scarcity is caused by poverty and shortages are caused by natural disasters. D. shortages are a type of scarcity caused by natural disasters while scarcity is caused by human errors.