Which one of the following will not cause the production possibilities curve to shift outward?
a. increased education
b. the construction of a new factory
c. more tractors becoming available to farmers
d. All of the above cause the production possibilities curve to shift outward.
d
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At a fair carnival roulette wheel, a player can either win $10, $30, or $80 . If it costs $40 to play, would an individual gain or lose from playing the game
a. Gain b. Lose c. Breakeven-neither gain nor lose d. None of the above
The relative tax burden borne by buyers and sellers is called the:
A. tax wedge. B. tax incidence. C. tax revenue. D. real tax.
Which of the following describes an external benefit resulting from an individual's purchase of a winter flu shot? a. A flu shot is less expensive than the cost of treatment when you get the flu
b. The income of doctors increases when you get a flu shot. c. A flu shot reduces the likelihood that others will catch the flu from you. d. A flu shot reduces the likelihood that you will miss work as a result of sickness, and, therefore, you will earn more income.
The law of increasing costs causes the production possibilities curve to be bowed outward from the origin
Indicate whether the statement is true or false