Which of the following is not an assumption of the productions possibilities frontier?
a. A country produces only two goods or types of goods.
b. Technology does not change.
c. The amount of available resources does not change.
d. There is a fixed quantity of money.
d
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An economist is unlikely to be hired to do research about the following?
A. Oil prices. B. Election outcomes C. Interest rate D. Inflation rates E. Unemployment
Which of the following situations is used as a justification for government?
A. negative externalities B. removal from the prisoner's dilemma C. nonexcludable goods D. positive externalities E. all of the above
As one moves down a straight-line, down-sloping demand curve, price elasticity will:
a. change from elastic, to unit elastic, then to inelastic. b. remain the same between any two points. c. change from inelastic, to elastic, then to unit elastic. d. change from unit elastic, to elastic, then to inelastic. e. change from elastic, to inelastic, then to unit elastic.
An example of in-kind assistance to the poor is TANF
a. True b. False Indicate whether the statement is true or false