The production possibilities frontier:
A. can show all possible combinations of goods but not tell us which combination society should choose.
B. can show the best combination of goods which society should choose.
C. cannot show all possible combinations of goods because society is typically inefficient.
D. can show us which possible combinations of goods society should choose, but cannot tell us which points will be inefficient.
A. can show all possible combinations of goods but not tell us which combination society should choose.
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For which of the following medical goods or services is the income elasticity of demand largest?
a. Emergency services after a car accident. b. Measles shots. c. Physical examinations for life insurance applications. d. Medical tests to diagnose specific symptoms. e. Face-lifts.
If corn and wheat are alternative pursuits for a farmer, a change in the supply of corn will take place when, ceteris paribus,
A. The price of wheat changes. B. The demand for corn changes. C. Consumers want to buy more corn at the same price. D. The price of corn changes.