The figure above shows a production possibilities frontier. In the figure, which of the following combinations of the two goods are efficient?
A) 4 million cell phones and 4 million DVDs
B) 2 million cell phones and 13 million DVDs
C) 5 million cell phones and 15 million DVDs
D) no cell phones and 15 million DVDs
E) None of these combinations is efficient.
D
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When used in a professional or technical sense, the law of supply and demand refers to
A. some vague influences on economic affairs. B. the fact that prices go up when commodities are scarce. C. the market forces that show how prices and quantities are determined. D. the controls that regulate the amount of scarce goods that each consumer can purchase.
Because of the recognition internationally of the principles of national sovereignty, nations cannot be affected by the policies of other nations and international governmental organizations
Indicate whether the statement is true or false
The Navigation Acts (1651 and later amendments)
(a) defined the British Empire within Europe and restricted shipping and trade between it and the external world. (b) had a major purpose of enlarging and protecting the King of England's income derived from trade through shipping and trade. (c) advanced free trade across the British Empire. (d) held true for all of the above.
Because the price level shares a negative relationship with aggregate expenditures on GDP, the aggregate demand curve is:
A. downward sloping. B. upward sloping. C. perfectly elastic. D. perfectly inelastic.