Fill in the blank: a combination of two goods that lies beyond the production possibilities frontier ________
A) can be produced with the current set of resources
B) cannot be produced with the current set of resources
C) can never be produced with any set of resources
D) can be produced but only if the producer becomes more greedy
B
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The United States can be called a net debtor nation. This means that
A) the value of U.S. assets held abroad is worth less than the value of foreign assets held in the U.S. B) the U.S. government owes more money than it takes in. C) the value of the U.S. currency is less than the value of currencies for our main trading partners. D) the U.S. manufactures more goods abroad than it manufactures domestically.
All of the following are true about a monopolist EXCEPT
A) the demand curve for its product is perfectly elastic. B) it produces a product with no close substitutes. C) its demand curve is the same as the market demand for the industry. D) it is a single seller of a good or service.