On the vertical axis, the production possibilities frontier shows ________; on the horizontal axis, the production possibilities frontier shows ________
A) the quantity of a good; the number of workers employed to produce the good
B) the quantity of a good; the price of the good
C) the quantity of a good; a weighted average of resources used to produce the good
D) the quantity of one good; the quantity of another good
D
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Because fewer people are now needed to perform an average job, it is said that the information technology revolution has played an important role in slowing down productivity in the United States
a. True b. False Indicate whether the statement is true or false
(Figure: Long-Run Aggregate Supply Curves) Which of the following can explain the shift of the long-run aggregate supply curve from A to C in the figure?
What will be an ideal response?
Which of the following statements is correct?
A. Price elasticity of supply is constant along the supply curve. B. Price elasticity of supply is always a negative number. C. Supply is more elastic in the short run than in long run. D. Supply is more elastic in the long run than in short run.
Refer to the information provided in Table 20.2 below to answer the question(s) that follow.
Table 20.2
Refer to Table 20.2. The most that Thailand will be willing to pay for a tractor is
A. 5 motorcycles. B. 10 motorcycles. C. 15 motorcycles. D. 20 motorcycles.