A straight-line production possibilities curve has
A) an increasing opportunity cost between the two goods.
B) a decreasing opportunity cost between the two goods.
C) a constant opportunity cost between the two goods.
D) no opportunity cost between the two goods.
C
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In perfect competition, when market demand increases, explain how the price of the good and the output and profit of each firm changes in the short run
What will be an ideal response?
Under a gold standard, countries should
A) keep the supply of their domestic money constant. B) keep the supply of their domestic money fixed in proportion to their gold holdings. C) keep the supply of foreign exchange less than their domestic money supply. D) restrict the demand for foreign goods. E) outlaw speculation.
By the summer of 2008, about what percent of subprime mortgages were overdue by at least 30 days?
A) 10% B) 25% C) 34% D) 50%
According to real business cycle theorists, if the long-run aggregate supply (LRAS) curve shifts to the left, Real GDP __________, the price level __________, the demand for labor __________, money wages __________, real wages __________, and workers choose to work __________
A) falls; falls; rises; fall; fall; less B) falls; rises; rises; fall; rise; more C) falls; rises; falls; fall; fall; less D) rises; rises; falls; fall; rise; more E) rises; falls; rises; fall; fall; more