The straight-line production possibilities curve
A) does not show increasing opportunity costs.
B) fails to reflect tradeoffs.
C) fails to benefit trading nations.
D) refutes the principles of comparative advantage.
A
Economics
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Which of the following is included in GDP calculations?
a. the college tuition paid to enroll in a course b. a check for $50 received on your birthday c. cash income received by a self-employed landscaper that is not reported to the IRS d. sales revenue received from a yard sale
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If the contribution to output of an additional unit of the variable input exceeds the average contribution of the variable inputs used,
A. the average product will be at its minimum. B. the average contribution must rise. C. the total product will begin to decline. D. the average contribution must fall.
Economics