The law of increasing relative costs, depicted by the concavity of the production opportunities frontier, is most closely related to the
a. downward slope of the demand curve.
b. upward slope of the demand curve.
c. downward slope of the supply curve.
d. upward slope of the supply curve.
d
Economics
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When the interest rate is R, the formula for finding the value of a current amount $M one year from now is
A) M (1 + R/100). B) M (1 + R). C) M / (1 + R). D) M / R. E) M / (100R).
Economics
The issue of fairness versus efficiency arises
a. only in a command economy. b. only in a market economy. c. in neither a command nor a market economy. d. in both a command and a market economy.
Economics