The slope of a production possibilities frontier measures:
A. inefficient production of a good.
B. the trade-off in the consumption of one good versus the other good
C. how much of the resources must be used in order to produce one the goods.
D. the opportunity cost of producing one good in terms of the other good.
Answer: D
You might also like to view...
Native-born workers are more likely to be harmed by immigration if:
A. They are complementary resources to immigrant workers B. They are substitute resources to immigrant workers C. Demand for their labor is inelastic D. There is a substantial amount of backflow
Refer to Figure 4-3. What area represents producer surplus at P2?
A) A + B + D B) B + D + G C) B + C + D + E D) B + D
According to the new classical school, an expected increase in government spending is associated with:
a. a downward movement along the long-run Phillips curve. b. an upward movement along the short-run Phillips curve. c. a parallel outward shift of the long-run Phillips curve. d. an upward movement along the long-run Phillips curve. e. a downward shift of the short-run Phillips curve.
The disruption caused by international trade is fundamentally different from all the other disruptions caused by the other workings of a market economy.
Select whether the statement is true or false. A. True B. False