The production possibilities frontier illustrates
A. the constant rate of technological progress.
B. the fundamental concept of scarcity.
C. the rapid growth of the U.S. economy.
D. that guns always trade for butter.
Answer: B
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Refer to Table 2-16. What is Estonia's opportunity cost of producing one board foot of lumber?
A) 0.2 cell phones B) 5 cell phones C) 8 cell phones D) 32 cell phones
A decrease in demand is represented by:
a. a shift outward of the entire demand curve. b. a shift inward of the entire demand curve. c. a movement along the demand curve in a southeasterly direction. d. a movement along the demand curve in a northwesterly direction.
Which of the following laws ensures that men and women who perform the same work at the same firm receive the same pay?
a. Equal Pay Act of 1963 b. Civil Rights Act of 1964 c. Civil Rights Act of 1991 d. Fair Labor Standards Act of 1938
The percentage share of income of the bottom quintile on curve X is
A. 0.
B. 5.
C. 10.
D. 15.