Exhibit 21-1 Production possibilities curves
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In Exhibit 21-1, the production possibilities curves of wheat and corn for Nabia and Pada are presented. In Pada the cost of producing one more unit of corn is equal to:

Other things being equal, the lower planned real expenditures along an aggregate demand curve are, the

A) lower the level of endowments. B) higher the price level. C) lower the price level. D) more the production possibilities cure shifts to the left.

Evidence against market efficiency includes

A) failure of technical analysis to outperform the market. B) the random walk behavior of stock prices. C) the inability of mutual fund managers to consistently beat the market. D) the January effect.