A production possibilities frontier shows
A) the various combinations of output a nation can produce a certain time, given its available resources and technology.
B) the limits to future growth of a nation.
C) how money can be allocated among two kinds of goods.
D) that if price of one good decreases, the price of the other has to increase.
E) that it is impossible to produce inefficiently.
A
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In general, individuals and nations should specialize in producing goods ________ other individuals or nations.
A. for which they have a lower opportunity cost compared to B. that they can produce more quickly than C. that they can produce less quickly than D. for which they have a higher opportunity cost compared to
The demand curve for a product slopes downward to the right because more of the product will be
a. demanded as income rises. b. bought as the population grows. c. purchased as price falls. d. demanded as the price of substitutes falls.
In the short run, which of the following statements is correct?
A. The marginal cost curve intersects the average variable and average fixed cost curves at their minimum points. B. Average variable cost declines continuously as total output is expanded. C. Total cost will exceed variable cost. D. If the inputs of all resources are increased by equal amounts, total output will expand by diminishing amounts.
If you can consume a good at the same time that others consume the same good, the good is nonrival in consumption.
Answer the following statement true (T) or false (F)