An increase in an economy's productive resources will lead the production possibilities curve to:
A. shift inward.
B. stay the same.
C. shift outward.
D. become flatter.
Answer: C
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In 1950, a phone call at a pay phone cost 5 cents and a first-class stamp cost 3 cents. Today, those prices are 50 cents and 49 cents respectively
What has happened to the price of each good relative to the other? What has happened to the price of each good relative to all other goods?
If the demand curve is less elastic than the supply curve, then:
A. the buyers will bear a greater tax incidence. B. the sellers will bear a greater tax incidence. C. the buyers will bear a smaller tax burden than sellers. D. the sellers will bear a greater tax burden than buyers.
The euro is a composite currency; its value is an average of the changing values of several national currencies
a. True b. False Indicate whether the statement is true or false
Joan loves to eat sushi. Her first piece of sushi normally yields a marginal benefit of $5. Each additional piece creates a declining marginal benefit by $0.25 per piece. If her favorite sushi bar charges $2.75 per piece of sushi, how many pieces should she eat?
a. 8 b. 10 c. 5 d. 11