If the economy produces 36 consumer goods and 12 capital goods the economy would be producing __________________ (outside/on/inside) the production possibilities curve.
Hypothetical Production Schedule for a Two-Product Economy
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Economics
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In the above figure, the long-run average cost curve exhibits constant returns to scale
A) between 5 and 10 units per hour. B) between 10 and 20 units per hour. C) between 20 and 25 units per hour. D) along the entire curve.
Economics
Everything else held constant, a decrease in wealth
A) increases the demand for stocks. B) increases the demand for bonds. C) reduces the demand for silver. D) increases the demand for gold.
Economics
A profit-maximizing firm will hire workers up to the point at which
A) MRP < MFC. B) MRP = MFC. C) MRP > MFC. D) MRP = MPP.
Economics
Which of the following does the United States import?
a. cotton b. wheat c. oil seeds d. zinc e. barley
Economics