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Which one of the following statements is correct?
A. Most production possibilities curves illustrate decreasing marginal opportunity costs.
B. Relative scarcity is no longer a central idea in economics because we are in an age of abundance.
C. The production possibilities curve shows society's preferences for consumer goods relative to capital goods.
D. The central concept underlying the production possibilities curve is that of limited resources.
c) Explain why perfectly competitive markets lead to an allocatively efficient allocation of resources in the long run
How growth are improved living standards The two main benefits of growth are improved living standards and technological advancement. As an economy grows, the output of
Hi, I need help with my Aplia macroeconomics problem sets.
Q. Consumption function in the AS-AD model? Consumption. Suppose that P increases by say 10% whereas real GDP (Y) is constant. Nominal GDP and nominal national will now have
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A brewery produces two kinds of beer, stout and IPA . Each batch of stout sells for $60 per unit while each batch of IPA sells for $108. Both products require malt, hops, barley, f
INDEX NUMBERS OF PRODUCTION Among the commonly used economic indicators to monitor current trends in the economy are indices of production. The main aggregative indices used t
The Research and Development Division of your company has just developed a new gaming system called the Zed Box. The R&D Division spent $800,000 developing this product and the Ma
How commercial banks "create money" Commercial banks obviously cannot influence the amount of currency in the economy or the monetary base, since they are not allowed to print
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