Which of the following is not shown on a product possibilities curve?
(A) The opportunity cost of a decision to produce more of one good or service.
(B) All of the goods and services an economy has the ability to produce.
(C) The efficiency of an economy.
(D) Whether an economy has grown or shrunk.
Ans: (B) All of the goods and services an economy has the ability to produce.
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The figure above shows the market for milk. If 100 gallons of milk a day are available, the ________ price that consumers are willing to pay for the last gallon is ________
A) maximum; $2.50 B) minimum; $3.00 C) maximum; $4.00 D) minimum; $4.00
New Keynesian macroeconomic theory emphasizes the role of "sticky" prices in the economy
Indicate whether the statement is true or false
Velocity can be defined as:
a. the turnover rate of money b. the speed at which economic activity takes place. c. the speed at which multiplier effect takes place. d. the speed at which tax cuts are spent.
As compared to monopoly, a perfectly competitive market typically produces a(n) ______ quantity at a(n) _______ price.
a. higher, higher b. higher, lower c. lower, higher d. lower, lower e. identical, lower