The bowed-out-from-the-origin shape of the production possibilities curve occurs because resources are
a. equally well-suited to production of both goods
b. not being used efficiently
c. not always of equal quality and some are better suited to the production of one type of good than others
d. increasing as more of one good is produced
e. of an increasingly inferior quality
C
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If bananas were money, which of the following functions of money would be the most difficult for bananas to satisfy?
A) medium of exchange B) store of value C) standard of value D) serving as a commodity
A(n) ________ tax is a tax on wages that employers are required to withhold from employees' pay
A) social-insurance tax B) excise tax C) income tax D) value-added tax
A monopolist’s total profit is shown by the difference between price and average cost per unit times the number of units sold.
Answer the following statement true (T) or false (F)
Which of the following is true?
a. Investment in the stock market is a relatively foolproof method for an investor to earn a high rate of return during the next five years. b. Current stock prices already reflect information that is known with a high degree of certainty. c. Experts are able to predict changes in the direction of the broad stock market indexes with a high degree of accuracy. d. While changes in the prices of specific stocks are difficult to predict, it is relatively easy to predict the future direction of the broad stock market. e. Both c and d are true.