If the production possibilities frontier is ________, then opportunity costs are constant as more of one good is produced
A) bowed out
B) bowed in
C) non-linear
D) linear
Answer: D
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Diminishing marginal product is closely related to
a. diminishing total cost. b. diminishing marginal cost. c. increasing price. d. increasing marginal cost.
The invisible hand is
A. Perfect competition. B. The profit motive. C. Government direction. D. The mixed economy.
The demand for a monopoly's output is p = 50 - Q. The monopoly's marginal cost is $4 and the market wage is $2. How many units of labor are demanded by the monopoly?
A) L = 46 B) L = 23 C) L = 0 D) L = 10
Foreign aid:
A. provided by developed countries to developing countries represents about 10 percent of the GDP of developed countries. B. is an important source of funding for investment in most developing countries. C. does not contribute much to domestic investment in most developing countries. D. is largely wasted in most developing countries because it comes with no strings attached.