As production of a good increases, opportunity costs rise because:

A. there will be more inefficiency.
B. people always prefer having more goods.
C. of inflationary pressures.
D. workers are not equally suited to all tasks.


Answer: D

Economics

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In the United States, monetary policy is carried out by

A) the Federal Reserve System. B) Congress. C) the President. D) Congress and the President acting together.

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An increase in aggregate demand will reduce the unemployment rate only if the ensuing inflation is anticipated

a. True b. False Indicate whether the statement is true or false

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Answer the following statements true (T) or false (F)

1) During the past ten years, the annual rate of inflation in the United States has averaged less than 1 percent. 2) If the price level doubled in a 23-year period, we can conclude that the average annual rate of inflation over that period was about 3 percent. 3) Unanticipated inflation benefits debtors at the expense of creditors. 4) Unanticipated inflation helps some groups in the economy. 5) If the nominal interest rate is 8 percent and the real interest rate is 5 percent, then the inflation premium is 13 percent.

Economics

Of the collection of supply and demand diagrams in Figure 2.2, which one shows the result of a decrease in the population of the group of people likely to buy a good?

A. Figure 1 B. Figure 2 C. Figure 3 D. Figure 4

Economics