Production under increasing opportunity costs can result from the two industries using factors of production in different combinations

Indicate whether the statement is true or false


TRUE

Economics

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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.

A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower

Economics

Refer to Figure 4-3. If the market price is $2.50, what is the maximum number of ice cream cones that Kendra will buy?

A) 1 B) 2 C) 3 D) 4

Economics

Marketable government securities consists of Treasury bills,

A) Treasury notes, and U.S. savings bonds. B) Treasury notes, and Treasury bonds. C) Treasury bonds, and federal funds. D) U.S. saving bonds, and federal funds.

Economics

Why might a police officer not pull over someone speeding two miles over the speed limit?

A) The explicit costs of stopping the driver over are too high. B) The opportunity costs of stopping the driver are too high. C) The opportunity costs of topping he driver are too low. D) The explicit costs of stopping the driver are too low.

Economics