A shift in the production possibilities frontier curve will occur as a result of all of the following except
a. a change in the endowment of resources.
b. a change in technology.
c. a change in the production of one good relative to another good.
d. a change in land, labor, or capital.
a change in the endowment of resources
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In the long run, perfectly competitive firms make zero economic profit. This result is due mainly to the point that a perfectly competitive market has
A) few buyers and sellers. B) no barriers to entry and exit. C) price taking by the firms. D) firms with perfectly elastic market demand.
Which of the following is not true for a public good?
a. Marginal cost of serving public good to one more person is zero. b. Free rider problem arises in case of public goods. c. Exclusion is not possible in most of the public goods. d. Public goods include only material commodities.
Which of the following would be the best example of a final good or service?
A. a machine that GM purchased to build cars B. flour used to make pizza C. jet fuel used by United Airlines in one of its airliners D. a meal that a family makes for itself
Suppose the government of South Island fixes the exchange rate of its currency, the Islandia, in terms of the U.S. dollar. Initially the exchange rate is set at $1 per Islandia. In a crisis, the government changes the exchange rate to $0.50 per Islandia. This is an example of a(n):
A. revaluation. B. devaluation. C. appreciation. D. depreciation.