A single production possibilities frontier assumes
A) a given set of resources.
B) only one good can be produced from a given set of resources.
C) resources are free.
D) there are no opportunity costs of production.
E) all of the above.
A
Economics
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Refer to the production possibilities frontier in the figure above. Which production point indicates that resources are NOT fully utilized or are misallocated?
A) point a B) point b C) point c D) point e
Economics
Which of the following statements about an effective minimum wage is true?
A. Increasing the minimum wage makes it easier for unskilled workers to find jobs. B. A minimum wage tends to create unemployment among unskilled workers. C. A minimum wage shifts the demand curve for labor to the right. D. A minimum wage shifts the supply curve for labor to the right.
Economics