Optimal decisions are made at the point where marginal cost equals zero
Indicate whether the statement is true or false
FALSE
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Suppose a scientific breakthrough made free solar power available in unlimited quantities in the United States. The effect of this invention would be to move the
A) United States beyond its production possibilities frontier. B) United States inside its production possibilities frontier. C) U.S. production possibilities frontier outward. D) U.S. production possibilities frontier inward.
Suppose in London £/$ = 0.5 while in New York £/SF = 0.2. The corresponding cross rate (SF/$) is
A) 2.5. B) 0.1. C) 0.4. D) 0.3.
The Clayton Act of 1914 allows those harmed by illegal arrangements to restrain trade to
a. sue for up to two times the damages they incurred. b. sue for up to three times the damages they incurred. c. sue for up to four times the damages they incurred. d. sue for damages, but only for the actual amount of damages they incurred.
A production possibilities curve shows the various combinations of two outputs that:
a. an economy should produce. b. an economy can produce. c. consumers would like to consume. d. producers would like to produce.