In 2012, the United States:
A. imported more services than it exported.
B. imported more goods than it exported.
C. traded mainly with developing nations such as Mexico and India.
D. had a small trade surplus in goods and services.
B. imported more goods than it exported.
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If there is increasing opportunity cost, then when moving downward on a production possibilities frontier, the opportunity cost of the good on the horizontal axis ________ as more of the good is produced
A) increases and the PPF gets steeper B) increases and the PPF gets flatter C) decreases and the PPF gets steeper D) decreases and the PPF gets flatter E) does not change and the PPF gets steeper
Which of the following is NOT a key principle of economics?
A) Optimization B) Equilibrium C) Empiricism D) Substitution