Which one of the following will not cause the production possibilities curve to shift outward?
a. increased education
b. the construction of a new factory
c. more tractors becoming available to farmers
d. All of the above cause the production possibilities curve to shift outward.
d
Economics
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Define money and list its functions
What will be an ideal response?
Economics
Which of the following is true regarding value, transaction costs, and exchange?
a. Middlemen can be viewed as agents who create value by reducing transaction costs and, thereby, facilitating gains from exchange. b. Middlemen fail to create value since they do not expand the supply of physical goods. c. A good or service has a given value regardless of who uses it or how it is used. d. Voluntary exchange reduces value by channeling goods into the hands of people who value them least.
Economics