Production possibilities frontiers usually curve out and away from the origin. The implication of this curvature is that
A) as resources are used to produce one good, fewer resources are available to produce another good.
B) technological change is present.
C) the opportunity cost of producing a good stays the same regardless of how much of that good is produced.
D) some resources are better at producing one good while other resources are better at producing alternative goods.
E) the opportunity cost of producing a good goes down as more of that good is produced.
D
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All of the following are considered process innovation EXCEPT
A) neutral technical progress. B) labor saving technical progress. C) organizational innovation. D) nonneutral technical progress.
Backward induction will not lead to a determinate sequence of actions for:
A. simultaneous move games. B. sequential games. C. mixed strategy games. D. games with dominant strategies.
If aggregate demand had grown faster than it did from 2009 to 2010, then the U.S. economy would have experienced
A. higher unemployment and higher inflation. B. lower unemployment and lower inflation. C. higher unemployment and lower inflation. D. lower unemployment and higher inflation.
Which of the following firms have no market power?
A. clothing companies B. fast food chains such as McDonald's C. theme parks D. gold panners during the gold rush