One of the concepts that is illustrated by a downward sloping production possibilities frontier is that
a. technology must change in order to produce more of a particular good
b. to produce more of one good, some of the alternative goods must be given up
c. opportunity cost generally declines as more of a good is produced
d. specialization leads to gains in overall utility for society
e. opportunity cost generally does not vary as more of a good is produced
B
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Refer to the above figure. Suppose E is the original equilibrium. An increase in the U.S. demand for Japanese-made goods will lead to
A) a depreciation of the yen and an increase in the quantity of yen sold per week. B) a depreciation of the yen and a decrease in the quantity of yen sold per week. C) an appreciation of the yen and an increase in the quantity of yen sold per week. D) an appreciation of the yen and a decrease in the quantity of yen sold per week.
In terms of manpower needed to fight the Civil War, the South was disadvantaged by
a. a smaller total population of military-aged males than the North. b. limited support from free, white males in border states. c. a population that included over 1 million military-aged slaves who could not be used for direct combat. d. the fact that some of its manpower had to be used to repress the slave labor force. e. All of the above.
An increase in the quantity demanded of a good is most often due to:
a. current prices. b. higher prices. c. higher income. d. lower prices. e. technological change.
In which regions do recessions, or economic downturns, hit the hardest?
a. Regions that produce more consumer goods. b. Regions that produce more nondurable goods. c. Regions that provide more financial services. d. Regions that produce more capital goods and rely on more housing construction.