If a country has a straight (downward sloping) production possibilities frontier, then production is said to be subject to
A) constant opportunity costs.
B) decreasing opportunity costs.
C) first increasing and then decreasing opportunity costs.
D) increasing opportunity costs.
A
Economics
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Nominal GDP is GDP in a given year
A) adjusted for inflation. B) adjusted for anticipated inflation. C) valued in the prices of that year. D) valued in the prices of the base year.
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The ________ states that it is usually more efficient to use the government policy tool that acts as directly as possible on the source of the distortion that is separating private and social benefits or costs.
A. spillover effect B. specificity rule C. sudden-damage effect D. Pigou effect
Economics