Production possibilities curve
What will be an ideal response?
Graph that shows all possible allocations of the most output that can be produced from limited resources of an economy. It assumes resource base is fixed, technology is fixed and resources are being used efficiently
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According to your textbook, the benefits of civilization are heavily dependent on
A) accurate numerical estimates by government officials of available resources and of basic consumption requirements. B) agreement among the members of society on the best means for achieving their goals. C) agreement among the members of society on the goals to be pursued. D) government planning for long-run economic growth. E) the ability to induce other people to cooperate.
If, holding the strategies of all other firms constant, no firm can obtain a higher profit by choosing a different strategy, then
A) the firms are using the Cournot model. B) the firms' strategies are a Nash equilibrium. C) the firms must have formed a cartel. D) the firms are using the Bertrand model.
Suppose an acre of land yields 100 bushels of corn and that one bushel of corn provides enough seed for one-quarter of an acre of land. The opportunity cost of consuming another 100 bushels of corn today is
A) 100 bushels of corn next year. B) 25 bushels of corn next year. C) 10 bushels of corn next year. D) 2.5 bushels of corn next year.
If the real rate of return is 0 percent, and the inflation rate is 3 percent, then the nominal interest rate must be:
A. ?3 percent. B. 3 percent. C. 6 percent. D. 0 percent.