For a person who consumes only steak and lobster, the slope of the budget line is called the marginal rate of substitution between steak and lobster
Indicate whether the statement is true or false
FALSE
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The production possibilities frontier separates ________
A) the goods and services that people want from those that they do not want B) the types of goods that can be attained from those that can't be attained C) the quantities of goods and services that can be produced from those that cannot be produced D) the combinations of goods that people value and those that they don't
Outcomes are likely to be Pareto superior if they were _____
a. approved of by a unanimous vote b. enacted by a bureaucrat c. decreed by a judge d. enacted by bipartisan legislation
As a price searcher, a monopoly firm
A) must only determine the price it charges. B) must determine its optimal price-output combination. C) must determine its output level and then accept the market price for its product. D) must determine the prices it pays for its inputs and accept the market price for its output.
Which of the following did not result in economic growth?
a. Installing a network of irrigation ditches and pumping stations in order to grow fruits and vegetables in parts of southern California b. Cyrus McCormack inventing a threshing machine for harvesting grains c. After World War II, the U.S. instituting the GI bill, which provided education subsidies to soldiers being released from service duty d. Many citizens emigrating from a nation when a politically repressive regime takes office