Chausiku’s country has seen its production possibilities curve shift down and to the left over the past five years. Which of the following has most likely affected Chausiku’s country during this period?
a. discovery of a major oil field
b. a prolonged drought
c. expansion of the nation’s highway system
d. implementation of universal health care
b. a prolonged drought
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Economists assume that business firms have many goals, and profit maximization is just one of them
a. True b. False Indicate whether the statement is true or false
Which of the following is likely to have the most price inelastic demand?
a. lattés b. filet mignon c. Grey Goose® vodka d. milk
In which of the following regions would you most expect to see capital-intensive production?
a. rural India b. central Africa c. southeast Asia d. Germany
Keynes believed that prices and wages were rigid or fixed until the economy reaches ______.
a. equilibrium b. full employment c. recession d. expansion