The production possibilities frontier has a tendency to bow outward from the origin
a. True
b. False
Indicate whether the statement is true or false
True
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If we import more than we export from the rest of the world we
A) must borrow an equal amount from the rest of the world. B) can lend an equal amount to the rest of the world. C) are running a trade surplus. D) are helping to finance investment in the rest of the world.
If the price of salmon increases relative to the price of cod, the demand for:
A) cod will decrease. B) cod will increase. C) salmon will decrease. D) salmon will increase.
A monopoly faces an inverse demand curve of P = 100 - 2Q. The marginal cost curve is MC = .5Q. What government price ceiling would represent optimal price regulation?
What will be an ideal response?
Who among the following is a free rider? a. Butch breeds the feared pit bulls, and his neighbors now erect fences around their property
b. Fred watches many public television programs, but he has never sent in a contribution. c. Barry steals candy from the store where he works. d. Betty regularly uses the local public library. e. Joe drives 20,000 miles a year on public streets, but he pays no more in taxes than Sam, who only drives 1,000 miles.