The production possibility frontier represents all of the combinations of different goods and services that the economy is capable of producing at a given time.
Answer the following statement true (T) or false (F)
True
The production possibility frontier represents all of the combinations of different goods and services that the economy is capable of producing at a given time.
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Which of the following is an example of consumer surplus?
A) Jose buys a hamburger for $2 and tells you he would not have paid a penny more. B) John believes the price he paid for his computer was too high. C) Mary buys a paper tablet for $2 and finds the same good at another store for $1.50. D) Sue would have paid $15 for a new compact disc but paid only $10. E) Anne finds a mountain bike for which she is willing to pay a maximum of $550 and the price of the bike is $600.
A loaf of bread purchased by one of your instructors would be best described as
A) an intermediate good. B) a financial asset. C) a used good. D) a final good.
The corn basis in Nevada is about -$0.30/bu. The corn basis in Gilbert is about -$0.20/bu. Where should a corn farmer living in Ames, halfway between Nevada and Gilbert, ship his corn to make the most money?
A. Nevada. B. Gilbert. C. They both give the same return to the farmer if transportation to each destination costs the same. D. None of the above.
Number 11. According to the figure, expansionary monetary policy will cause an economy that is initially at full-employment output to go from equilibrium ______ to equilibrium ______ in the short run.
a. A; C b. A; B c. A; D d. C; B