The production possibilities frontier bows outward because
A) opportunity costs are decreasing as the production of a good increases.
B) opportunity costs are increasing as the production of a good increases.
C) opportunity costs are fixed as the production of a good increases.
D) resources are of uniform quality.
B
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A one-year discount bond with a face value of $1000 that is currently selling for $900 has an interest rate of
A) 5.26%. B) 10%. C) 11.1%. D) 100%.
U.S. cotton production
a. remained concentrated in Georgia and South Carolina until after 1860. b. was unable to compete with wool production in the antebellum textile industry. c. accounted for more than half of the dollar value of US exports between 1800 and 1850. d. faced declining world demand for most of the antebellum period.
A binding price ceiling causes a shortage in the market
a. True b. False Indicate whether the statement is true or false
Which statement is true?
A. There was a great deal of stagflation in the 1960s. B. We had full employment for most of the 1980s. C. We have had twelve recessions since the beginning of 1945. D. None of the choices are true.