The concave shape of a production possibilities frontier showing possible output levels of good A and good B indicates that if the economy produces more and more of good B,
a. larger and larger amounts of good A must be sacrificed
b. smaller and smaller amounts of good A must be sacrificed
c. more of good A will be produced
d. the amount of resources available in the economy must be increased
e. there must be an improvement in technology
A
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The quantity supplied of a good or service is the quantity that a producer ________ at a particular price during a given time period
A) is willing to sell B) actually sells C) needs to sell D) should sell
An increase in the price of a particular bond implies an increase in the interest rate for that bond.
Answer the following statement true (T) or false (F)
According to the Organization for Economic Cooperation and Development (OECD):
A. the United States has the most progressive tax system among OECD nations. B. the United States has the least progressive tax system among OECD nations. C. the U.S. tax system has the same degree of progressivity as those of nations such as Canada, Japan, and France. D. the U.S. tax system has the same degree of progressivity as those of many developing nations.
What is the relationship between the long-run supply curve in a constant-cost industry and elasticity?
What will be an ideal response?