Which of the following is likely to affect the position and shape of society’s production possibilities frontier?
A. Volume of physical resources
B. Level of labor skills
C. Level of technology
D. Amount of factories on hand
E. All of the responses are correct.
Answer: E
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Picture a linear downward-sloping demand curve. If the price continues to fall, the price elasticity will
a. change from elastic, to unit elastic, to inelastic b. remain unchanged whatever the price range c. change from inelastic, to elastic, to unit elastic d. change from unit elastic, to elastic, to inelastic e. change from elastic, to inelastic, to unit elastic
An economy's production of two goods is efficient if
a. all members of society consume equal portions of the goods. b. the goods are produced using only some of society's available resources. c. it is impossible to produce more of one good without producing less of the other. d. the opportunity cost of producing more of one good is zero.
Average total cost is
a. AFC + (TVC/Q) b. TC/Q Incorrect. Please review Top Ten Concept # 6. c. (TFC/Q) + (TVC/Q) d. AFC + AVC e. all of the above
In an experiment that employed the dictator game, economists at Cornell University gave student "allocators" the option of dividing $20 in only two ways (a) $18 for themselves and $2 to another student, or (b) $10 for themselves and $10 to another
student. What was one result from this experiment? A) Most allocators chose to give themselves $18 and $2 to the other students. B) Most of the students who were not allocators did not like having someone else make decisions for them. C) A majority of the female allocators chose option (a); a majority of the male allocators chose option (b). D) Most of the allocators apparently valued acting fairly.