In the production possibilities model, the vertical axis measures ________ and the horizontal axis measures ________
A) people's wants; the quantity of a good or service
B) the quantity of a good or service; time
C) the price of a good or service; the price of another good or service
D) the price of a good or service; the quantity of the good or service
E) the quantity of a good or service; the quantity of another good or service
E
You might also like to view...
When an asset is used as a universal yardstick that is used for expressing the worth of different goods and services, it is serving the function of a ________
A) unit of account B) medium of exchange C) store of value D) loanable fund
According to the text, which of the following statements BEST describes U.S. factor abundance in 1947?
a. Taking into account different labor productivities, the U.S. "effective" labor force was much larger than the "effective" labor force in the rest of the world. b. Taking into account different labor productivities, the U.S. '"effective" labor force was much smaller than the "effective" labor force in the rest of the world. c. Taking into account productivities of capital in different industries, the U.S. "effective" capital stock was much smaller than the '"effective" capital stock force in the rest of the world. d. Corrected data indicate that the United States was actually was a laborabundant and capitalpoor country in 1947.