If additional units of a good are produced at an increasing opportunity cost, the production possibilities frontier would be bowed outward (concave)

A price ceiling that sets the price of a good below market equilibrium will cause

a. an increase in quantity demanded of the good. b. a decrease in quantity supplied of the good. c. a shortage of the good. d. all of the above.

If an American can purchase 40,000 British pounds for $90,000, the dollar rate of exchange for the pound is:

A. $0.44 B. $0.23 C. $2.25 D. $2.00