What determines the position and shape of a society's production possibilities curve?
a. the physical resources of that society
b. the level of technology of the society
c. the number of factories available to the society
d. all of the above
d
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The basic problem with the existence of dead capital is that
A. since there is no cost to dead capital, there is an incentive to overinvest. B. dead capital cannot be put to any use since there is no ownership. C. with no clear ownership, dead capital often cannot be transferred to its most efficient use. D. dead capital creates government inefficiency, bureaucracy, and excessive regulation.
A firm can minimize cost by
A) picking the bundle of inputs where the lowest isocost line touches the isoquant. B) picking the bundle of inputs where the isoquant is tangent to the isocost line. C) picking the bundle of inputs where the last dollar spent on one input gives as much extra output as the last dollar spent on any other input. D) All of the above.
In the short run, perfectly competitive firms can
A. make an economic profit. B. take a loss. C. break even. D. All of the responses are correct.
For a bank to have lending power, its required reserves must:
a. be smaller than its legal reserves. b. exceed its legal reserves. c. be smaller than its excess reserves. d. exceed its excess reserves. e. exceed its vault cash.