In terms of the production possibilities diagram, the principle of increasing cost simply asserts that the frontier is
a. downward sloping.
b. upward sloping.
c. bowed inward.
d. bowed outward.
e. undefined, because no market will exist in this case.
d
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Refer to the table below. If Country X opens itself up to international trade, at what world price will it begin importing some units of the product?
Use the following table for Country X to answer the question below. Column 1 of the table is the price of a product. Column 2 is the quantity demanded domestically (Qdd) and Column 3 is the quantity supplied domestically (Qsd).
A. Any price below $5.00
B. Any price above $5.00
C. Any price below $3.00
D. Any price above $3.00
Provide two circumstances where monopoly may offer efficiency advantages over competition.
What will be an ideal response?
What are the two assumptions made in the nonactivist constant-money-growth-rate rule? Describe the alternative rule known as the predetermined-money-growth-rate rule and explain why some nonactivists prefer this rule
Which of the following is true?
A) Voters have a strong incentive to cast a well-informed vote, but consumers have little incentive to make informed choices. B) Both voters and consumers have a strong incentive to make informed choices. C) Voters have little incentive to cast a well-informed vote, but consumers have a strong incentive to make informed choices. D) Neither voters nor consumers have much incentive to make informed choices.