Which of the following would result in a movement along the production possibilities curve?
A. a change in the outputs of two goods that a society chooses to produce
B. growth in the capital stock
C. population growth
D. a fall in the unemployment rate
Answer: A
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When the isocost line is tangent to the isoquant, then
A) MRTS = -w/r. B) the firm is producing that level of output at minimum cost. C) the last dollar spent on capital yields as much extra output as the last dollar spent on labor. D) All of the above.
“Protection” is designed to help
A. firms whose relative inefficiency does not permit successful competition with imports. B. workers who have very high productivity, and cannot survive against low-paid foreign workers. C. government that needs revenue from tariffs and quotas to cover government spending. D. firms that are highly efficient and cannot survive against low-price foreign imports.
When goods that have intrinsic value are used as money, if their value as money falls, the good:
A. is still useful to people for other reasons. B. is no longer useful to people for other reasons. C. loses its intrinsic value. D. tends to gain in intrinsic value.
According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development. B. a sufficient condition for development but not a necessary condition. C. a necessary condition for development but not a sufficient condition. D. neither a necessary nor a sufficient condition for development.