Increasing-cost production-possibility curves are bowed-out from the origin.
Answer the following statement true (T) or false (F)
True
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Resource use is allocatively efficient if the
A) total cost of what the resource produces is less than the total benefit of what is produced. B) total cost of what the resource produces is equal to the total benefit of what is produced. C) marginal benefit of what the resource produces has diminished to zero. D) marginal cost of what the resource produces is equal to the marginal benefit of what is produced.
Given that firms change their prices infrequently, a business that has just raised its price will have a __________ relative price; over time as its price remains fixed its relative price __________
Fill in the blank(s) with correct word
In the long run, the expansion path is
A) horizontal. B) vertical. C) diagonal. D) Not enough information.
Answer the following statements true (T) or false (F)
1. All goods and services produced during the year are added to the total wealth of the nation. 2. Stocks and bonds are counted as part of total wealth. 3. To understand the purpose of a given economic policy, it is necessary to understand the influence of political and social policies. 4. Economics is an isolated science since it has no relation to other sciences.