A movement from one point on a production possibilities frontier to another represents
A) unemployment.
B) a tradeoff.
C) an advance in technology.
D) full employment of labor but not capital.
E) a free lunch.
B
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A good is nonrivalrous in consumption if
A. its consumption by one person does not reduce its consumption by others. B. its consumption by one person reduces its consumption by others. C. it is possible, or not prohibitively costly, to exclude someone from receiving the benefits of the good once it has been produced. D. it is impossible, or prohibitively costly, to exclude someone from receiving the benefits of the good once it has been produced. E. a and d
In a competitive labor market, if the demand for labor decreases, labor demand will shift to the:
A. right and wages will increase. B. left and wages will increase. C. right and wages will decrease. D. left and wages will decrease.
Which economic concept is the closest to the saying, "There's no such thing as a free lunch"?
a. Specialization b. Unlimited wants c. Underutilization of resources d. Opportunity costs e. Overutilization of resources
The exchange rate of the Euro against the British Pound is currently:
(a) At parity. (b) Below parity. (c) Above parity. (d) Undefined.