The production possibilities frontier illustrates
a. the trade-off between efficiency and equality.
b. the combination of output that an economy should produce.
c. the combination of output that each member of society should consume.
d. None of the above is correct.
d
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The Malthusian model predicts that
A) population will keep increasing. B) the standard of living will keep increasing. C) health improvements increase the standard of living. D) population control improves the standard of living.
Which of the following is not an example of derived demand?
a. More people want to plant gardens in the spring; therefore, demand for hoes and shovels increases then. b. Strong ticket sales for a concert cause the producers to schedule an extra show and demand more ushers. c. Increased use of robots leads to a decrease in demand for labor. d. The development of alternative fuels made from corn leads to an increase in demand for corn. e. Increasing demand for music leads to the construction of more recording studios.
Media reports often suggest that the increasing public debt is a burden on future generations. What they mean is that
A. it reduces the current level of investment. B. it reduces both nominal and real interest rates. C. it makes predicting future unemployment levels unpredictable. D. it causes deflation.
Every point on a ________ represents the minimum cost at which the associated output level can be produced when the scale of plant can be changed.
A. long-run demand curve B. marginal cost curve C. long-run variable cost curve D. U-shaped long-run average cost curve