Answer the following statements true (T) or false (F)
1. An increase in the labor supply due to immigration would shift the production possibilities curve to the left.
2. A nation's consumption is strictly limited by its production possibilities, even with international trade.
3. If two sets of data are inversely related, they will appear on a graph as an upward-sloping line.
4. If A is the dependent variable and B is the independent variable, then a change in A results in a change in B.
1. Answer: False
2. Answer: False
3. Answer: False
4. Answer: False
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Consider the demand curves for soft drinks shown in the figure above. A movement from point a to point b represents
A) a decrease in quantity demanded. B) an increase in demand. C) an increase in quantity demanded. D) a decrease in demand.
Refer to Table 7-5. Fill in the following table with the opportunity costs of producing bows and arrows for Tran and Farah
Pens Pencils Tran Farah