Production points inside the production possibilities frontier
A) are unattainable.
B) are attainable only with the full utilization of all resources.
C) are associated with unused or misallocated resources.
D) result in more rapid growth.
C
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What do supply and demand curves have in common?
a. They both usually slope upward. b. They both show a relationship between quantity and price. c. They both usually slope downward. d. They can both shift in response to changes in income or wealth. e. Neither of them is influenced by the size of the population.
When a motorist speeds down the road at well above the posted limit, economists believe that the principle of ____ may be directing his actions
a. rent seeking b. defective telescopic faculty c. moral hazard d. resource misallocation
Complete the following analogy: A criminal is to a police artist's sketch as the economy is to:
A. money. B. an economic model. C. a resource. D. scarcity.
Refer to Scenario 12.2. In this game, if the players successfully coordinate and Jerome ends up playing his weak strategy, then
A) Eliza will donate a kidney and Jerome will not donate. B) both Eliza and Jerome will donate a kidney. C) Jerome will donate a kidney and Eliza will not donate. D) neither Eliza nor Jerome will donate a kidney.