All output combinations that lie outside a production possibilities curve are attainable with available resources and technology.
Answer the following statement true (T) or false (F)
False
Attainable levels of production lie on or inside the production possibilities curve.
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What does price elasticity of demand measure? When is demand elastic? Inelastic? Unit elastic?
What will be an ideal response?
The Shoe Emporium reduces the price of its shoes by 50% and finds that the quantity demanded for its shoes increases more than 80%. The demand for shoes from The Shoe Emporium appears to be: a. inelastic
b. elastic. c. unit elastic. d. unit inelastic.
This year Terrance earned $3,000 more than last year. As a result, he received $2,500 less in government transfers. Therefore, Terrance's implicit marginal tax rate is about
a. 16 percent b. 25 percent c. 66 percent d. 83 percent
Which one of the following macroeconomic theories is most closely associated with the Laffer curve?
A. Monetarism B. New classical economics C. Keynesian economics D. Supply-side economics