If all resources were perfectly adaptable for alternative uses, the production possibilities curve would
A) be bowed out.
B) be bowed in.
C) be a straight line.
D) not exist.
C) be a straight line.
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Firms that produce ________ products must be ________ competitive
A) differentiated; imperfectly B) differentiated; perfectly C) standardized; imperfectly D) standardized; perfectly E) exported; imperfectly
A voluntary export restraint will ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic national welfare
A) increase; decrease; increase; have an ambiguous effect on B) increase; decrease; decrease; decrease C) increase; decrease; have no effect on; have an ambiguous effect on D) increase; decrease; have no effect on; decrease E) increase; increase; decrease; have an ambiguous effect on