Need help with some Economic questions?
A) Increase in the number of hours factories are in use
B) Decrease in average hours worked per week
C) Technological progress
D) Increase in production of capital goods
How does the fact that resources are not equally substitutable across used affect production possibilities curve? Will the curve be...
A) bowed inward
B) bowed outward
C) positively sloped
D) Straight line
If an economy is operating inside its production possibilities curve for chocolates and wine, which one best illustrates what is happening in the economy?
A) Production of wine and chocolate can both increase
B) All resources are being used effectively
C) Scarcity doesn’t exist
D) Wine production increases for the sacrifice of production of chocolate
In a circular flow model, in what forms do households receive income?
A) Wages, rent, interest and profits
B) Wages and rent while firms receive internet and profits
C) Wages while firms receive rent, interest and profits
D) Wages, rent and interest while firms receive profits.
A production possibilities curve is concave to the origin. What happens to the opportunity cost of production of the good on the X axis as we move down along the curve?
A) Remains constant
C) First decreases, then increases