A private cost is a cost of production that is
A) borne by the producer of a good.
B) measured in marginal terms.
C) borne by someone other than the producer of a good.
D) measured in total terms.
A
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A bowed out PPF reflects which of the following ideas?
i. Increasing opportunity cost ii. Resources are not equally productive in all activities. iii. Prices of goods increase over time. A) i and iii B) i, ii, and iii C) i and ii D) i only E) ii and iii
A country has had its per capital real GDP remain constant for several years. During this period this country
A) has not experienced any economic growth. B) may have experienced economic growth if the average hours worked per week have fallen. C) will have experienced an inward shift of the production possibilities curve. D) will have an increase in the number of poor people.