Without trade, the consumption possibilities for two nations are:
a. outside their production possibilities curve.
b. inside their production possibilities curve.
c. along their production possibilities curve.
d. at a point equal to the world production possibilities curve.
c
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If you must determine the long-run equilibrium output of a perfectly competitive firm and you are permitted to see only one curve, which of the following curves is most helpful?
a. demand b. marginal cost c. average cost d. average fixed cost
Economist A argues that a "dollar spent is a dollar spent." This economist is most likely to agree with which of the following:
A) What matters is that government increase spending and what it spends the money on doesn't matter as much. B) What matters is that government increase spending and what it spends the money on matters quite a bit. C) What matters is that government cut taxes and what taxes it cuts matters little. D) What matters is that government raise taxes and what taxes it raises matters little. E) none of the above