Which of the following is not true about production possibilities frontiers?
A) moving from one point to another on a PPF incurs a tradeoff
B) economic growth is shown by shifting the PPF outward
C) unemployment of resources is shown by shifting the PPF inward
D) a PPF can shift inward or outward
C
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Neoclassical economists believe that government policy should focus on creating a market-oriented environment that rewards________________.
a. importing b. exporting c. innovation d. production
Which of the following best describes compensating wage differentials?
a. Some jobs are more difficult than others, and the pay for them reflects this. b. Some jobs require more training than others, and the pay for them reflects this. c. Some jobs require more experience than others, and the pay for them reflects this. d. Some jobs require unique abilities, and the pay for them reflects this.
Disposable income refers to
A. The corporate tax paid from income. B. Personal income before personal taxes. C. Personal income after personal taxes. D. None of the choices are correct.
A behavioral economist:
A. uses models that assumes that people are rational rather than purposeful. B. tends to use heuristic models. C. assumes that people are always irrational. D. uses models that assume that people are purposeful rather than rational.