The typical concave (i.e., bowed-out) shape of the production possibilities frontier reflects the law of increasing opportunity cost

Of the following four motorists, who is speculating?

A) The one driving on empty, looking for the best gasoline price in town B) The one who fills his gasoline tank believing he has found the lowest gas price around C) The one who fills his gasoline tank on news Iraq has once again invaded Kuwait D) All of the above. E) None of the above.

Which of the following is a basic question answered by an economic system?

a. for whom goods and services are produced. b. how goods and services are produced. c. what goods and services are produced. d. all of these.