The production function shows the volume of output that can be produced from given inputs.
Answer the following statement true (T) or false (F)
True
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When a party to a transaction lacks relevant information:
A. other parties will voluntarily share this information truthfully. B. they will not make the deal without complete information. C. they sometimes seek out information in ways that are not obvious. D. they always make the deal blindly.
Assume point A on a linear production possibilities curve represents the combination of 12 coffees and 3 cappuccinos, and point B represents 3 coffees and 6 cappuccinos. Suppose coffees are on the vertical axis and cappuccinos are on the horizontal axis. The absolute value of the slope of the production possibilities curve between points A and B equals:
A. 4. B. 6. C. 3. D. 1/3.
Private ownership and property rights in a market system have the following implications, except:
A. Individuals are free to take on the financial risks involved in a business B. Trades that take place in the economy are mutually-agreeable transactions among individuals C. Economic agents are allowed to act in their own self-interest D. Large firms are allowed to coerce other firms and individuals
Money that is backed by nothing but the faith and confidence that if you accept it in exchange for something, you will be able to exchange it for something else, is referred to as ________
Fill in the blank(s) with correct word