Refer to the information provided in Figure 1.3 below to answer the question(s) that follow.
Figure 1.3Refer to Figure 1.3. If a 45-degree line were also graphed, the existing line shown on the graph would ________ it.
A. lie below
B. cross
C. lie above
D. The answer is indeterminate from this information.
Answer: C
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The figure above shows a production possibilities frontier. In the figure, the economy faces a tradeoff when ________ cell phones and ________ DVDs. are produced
A) 2 million; 9 million B) 4.5 million; no C) 3 million; 8 million D) 5 million; 15 million E) 3 million; 9 million
From a consumer's viewpoint, which of the following policies would be least desirable?
A. Quotas on imported goods. B. Tariffs on imported goods. C. No trade. D. Free trade.
A technological change would cause a shift of the demand curve for inputs.
Answer the following statement true (T) or false (F)
The downward sloping labor demand curve demonstrates that as the ________ increases the ________ decreases
A) nominal wage; amount of labor supplied B) real wage; amount of labor supplied C) real wage; amount of labor hired D) nominal wage; amount of labor hired