Combinations of goods on the production possibilities frontier
a. are unattainable without additional resources
b. can be produced using currently available resources and technology
c. reflect minimum normative value allocations
d. will meet society's needs but not its wants
e. are attainable only through international trade
B
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For a perfectly competitive firm, in the short run, which of the following statements is true?
a. A price above minimum average variable cost, but below average total cost will produce an economic profit. b. A price below minimum average variable cost will cause the firm to shut down. c. Marginal cost is parallel to the axis showing quantity of output. d. Price is always greater than marginal revenue. e. Every firm contributes a significant amount to the total market output.
Tariffs:
A. may be imposed either to raise revenue (revenue tariffs) or to shield domestic producers from foreign competition (protective tariffs). B. are also called import quotas. C. are excise taxes on goods exported abroad. D. are per-unit subsidies designed to promote exports.