The ______________ economic output and the environment can be analyzed with a production possibility frontier graph.
a. human value of
b. trade-off between
c. moral choices regarding
d. dollar cost of
b. trade-off between
The trade-off between economic output and the environment can be analyzed with a production possibility frontier curve.
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Which of these actions will occur to the budget constraint when an individual's income increases?
a. shifts outward b. shifts backward c. rotates clockwise d. cannot be determined from the information given
The antitrust laws regulate all of the following business decisions except ____
a. collusion b. mergers c. monopolistic practices d. price discrimination e. wage levels
Which of the following is not a function of prices in a market system?
a. Prices have the crucial job of balancing supply and demand. b. Prices send signals to buyers and sellers to help them make rational economic decisions. c. Prices coordinate economic activity. d. Prices ensure an equitable distribution of goods and services among consumers.
In considering the criteria for an ideal voting system, the idea of an irrelevant alternative refers to:
A. different voting methods that could alternatively be used, and could change the outcome. B. different voting methods that could alternatively be used, but would not change the outcome. C. when an option is added to a vote and is unrelated to the issue being voted on. D. when an option is added to a vote and has no realistic chance of winning.