The production possibilities frontier is the boundary between
A) those combinations of goods and services that can be produced and those that can be consumed.
B) those resources that are limited and those that are unlimited.
C) those combinations of goods and services that can be produced and those that cannot.
D) those wants that are limited and those that are unlimited.
C
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The branch of economics which studies how households and firms make choices, interact in markets, and how government attempts to influence their choices is called
A) microeconomics. B) positive economics. C) normative economics. D) macroeconomics.
If per capita output increases by 3 percent and output grows by 4 percent, the population must be:
A. increasing at a rate of 1 percent. B. increasing at a rate of 7 percent. C. falling at a rate of 1 percent. D. falling at a rate of 7 percent.
The relationship of a company's contribution margin to operating income is measured by _____.
a. operating leverage b. the operating income ratio c. margin of operations d. the break-even point
Define the field of economics known as macroeconomics.
What will be an ideal response?