The production possibilities frontier shows
A) the various products that can be produced now and in the future.
B) the maximum attainable combinations of two products that may be produced in a particular time period with available resources.
C) what an equitable distribution of products among citizens would be.
D) what people want firms to produce in a particular time period.
Answer: B
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A(n) ________ in U.S. interest rates will cause an increase in the demand for U.S. dollars and a(n) ________ in the (per dollar) exchange rate
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
A customs duty is
a. not a tax b. a progressive tax with respect to income c. a regressive tax with respect to income d. a proportional tax with respect to income e. a proportional tax with respect to wealth
Situation 37-2 Dan and Ann live in the same community and both can participate in two activities, producing and stealing. Refer to Situation 37-2. If Dan's MB/MC ratio for producing is currently greater than his MB/MC ratio for stealing, then he will
A) steal more and produce less. B) steal less and produce less. C) produce more and steal more. D) produce more and steal less.
Majority-rule voting leads to logrolling.
Answer the following statement true (T) or false (F)