Resources are used to create goods and services.
Answer the following statement true (T) or false (F)
True
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If a society is operating at a point inside its production possibilities frontier, then this society's
A) resources are being inefficiently utilized. B) production possibilities frontier will shift rightward. C) resources are being used in the most efficient manner. D) economy will grow too fast.
Nike has used Michael Jordan to create the impression that Air Jordan basketball shoes are superior to any other basketball shoes. Nike is attempting to
A) differentiate Air Jordan basketball shoes from other types of basketball shoes. B) convince consumers that Air Jordan basketball shoes are no different from other basketball shoes favored by celebrities. C) lower the marginal cost of producing Air Jordan basketball shoes. D) increase its profit by raising the price of Air Jordan basketball shoes.
Positive economic principles are those that:
A. indicate how people should behave. B. are always correct. C. are influenced by political ideology. D. predict how people will behave.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. For this economy to move from Point C to Point B, ________ additional LCD TVs could be produced when the production of OLED TVs is reduced by 20.
A. exactly 30 B. exactly 60 C. fewer than 30 D. more than 30