If all resources were perfectly adaptable for alternative uses, the production possibilities curve would
A) be bowed out.
B) be bowed in.
C) be a straight line.
D) not exist.
C) be a straight line.
You might also like to view...
Suppose an individual buys a new CD of her favorite musical artist. This purchase has taken place in the
A) labor markets. B) factor markets. C) resource markets. D) product markets.
Which of the following is the Fed's monetary policy instrument?
A) the demand for reserves B) the supply of reserves C) the federal funds rate D) the core inflation rate E) the output gap
As someone's income rises, eventually their
A. income effect will outweigh their substitution effect. B. substitution effect will outweigh their income effect. C. their substitution and income effects will attain permanent equality.
College-age athletes who drop out of college to play professional sports
a. are not rational decision makers. b. are well aware that their opportunity cost of attending college is very high. c. are concerned more about present circumstances than their future. d. underestimate the value of a college education.