Which of the following is an assumption used when drawing a production possibilities frontier?i.Human wants and desires are limited to what is available.ii.Only two goods are considered.iii.The level of technology is fixed and unchanging.
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Suppose the equilibrium price of a gallon of milk is $4. If…
Suppose the equilibrium price of a gallon of milk is $4. If the government imposes a price floor of $5 per gallon of milk, the
Which of the following is the best definition of economic gr…
Which of the following is the best definition of economic growth?
What two groups of decision makers are represented in the ba…
What two groups of decision makers are represented in the basic circular flow model in a Market Economy?
A price ceiling is
A price ceiling is
A black market
A black market
Suppose the current equilibrium wage rate for landscapers is…
Suppose the current equilibrium wage rate for landscapers is $6.65 in Little Rock; $7.50 in St. Louis and $9.05 in Raleigh. An increase in the minimum wage to $7.50 per hour results in unemployment of landscapers in
Which of the following is NOT directly related to human capi…
Which of the following is NOT directly related to human capital?
Suppose you eat two hamburgers for lunch. The marginal benef…
Suppose you eat two hamburgers for lunch. The marginal benefit of the first burger is ________ of the second burger.
The above figure shows the market for pizza. The market is i…
The above figure shows the market for pizza. The market is in equilibrium when people’s incomes decrease. If pizza is a normal good, then which point represents the most likely new price and quantity?