A bowed outward production possibilities frontier occurs when
A) opportunity costs are constant.
B) resources are not scarce.
C) as more of a good is produced, producing additional units of it require greater reductions in the other good.
D) the society is operating on the production possibilities frontier.
C
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Which of the following is the best example of money used as a medium of exchange?
A. Prices of products in a store in Mexico are marked in terms of U.S. dollars. B. A farmer stores $100 dollar bills in a strong box under the floor in a barn. C. A plumber unclogs a drain for a carpenter, who repairs broken steps for the plumber. D. In a prisoner of war camp cigarettes are traded for socks, candy and/or food, even by nonsmokers.
________ gross domestic product is the value of ________ linked back to the prices of a single year
A) Real; total production B) Real; production possibilities C) Productivity; the consumer price index D) Nominal; total production
Refer to Scenario 1 . What is the economic significance of 25 fish captured and 25 crabs captured?
What will be an ideal response?
The cost disease of the service sector in recent years is the result of
A. market failure. B. government intervention. C. collective bargaining by unions. D. uneven productivity growth.