The negative slope of a production possibilities frontier is a graphic representation of opportunity cost

a. True
b. False
Indicate whether the statement is true or false


True

Economics

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This table shows the demand and supply schedule of a good.



According to the table shown, at a price of $0.50 quantity demanded:

A. exceeds quantity supplied and a shortage exists.
B. is less than quantity supplied and a shortage exists.
C. exceeds quantity supplied and a surplus exists.
D. is less than quantity supplied and a surplus exists.

Economics

If the income elasticity of demand of houses is exactly 1.40 . Due to a recession, you expect incomes to drop by 25% next year. How will consumers adjust their purchase for houses?

a. Buy 35% more houses b. Buy 35% less houses c. Buy 25% more houses d. Buy 25% less houses

Economics

Which of the following is a valid criticism of the use of money as a store of value in modern economies?

A. annual inflationary loss of buying power B. money supply is too narrowly defined C. storing money is wasteful D. imperfect as a unit of account

Economics

The law of supply and the law of demand both rely on the concept of opportunity cost.

Answer the following statement true (T) or false (F)

Economics