The law of increasing costs states that
A. opportunity costs decrease as more of one good is produced.
B. increasing resource prices are inevitable because of scarcity.
C. opportunity costs increase as more of one good is produced.
D. resources can be easily adapted to the production of any good.
C. opportunity costs increase as more of one good is produced.
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In the above table, when 200 brownies are produced
A) marginal social benefit is greater than marginal social cost, and resource use is efficient. B) marginal social benefit is greater than marginal social cost, and there is a deadweight loss. C) marginal social benefit equals marginal social cost, and resource use is efficient. D) marginal social benefit is less than marginal social cost, and there is a deadweight loss.
Growth in real GDP per capita for the world economy was greatest during
A) the seventeenth century. B) the eighteenth century. C) the nineteenth century. D) the twentieth century.
Suppose the federal budget deficit for the year was $100 billion and the economy was in a recession
If the economy had been at potential GDP, it is estimated that tax revenues would have been $60 billion higher and government spending on transfer payments $50 billion lower. Using these estimates, the cyclically adjusted budget A) deficit was $210 billion. B) deficit was $110 billion. C) surplus was $110 billion. D) surplus was $10 billion.
Tax laws treat all in-kind payments as taxable income to the employers
a. True b. False