A bowed out PPF reflects which of the following ideas?
i. Increasing opportunity cost
ii. Resources are not equally productive in all activities.
iii. Prices of goods increase over time.
A) i only
B) i and ii
C) i and iii
D) ii and iii
E) i, ii, and iii
B
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Suppose bad weather in Florida unexpectedly results in a much smaller citrus crop than had been projected. This would tend to cause the labor supply curve for citrus pickers to
A) shift to the left, causing the labor demand curve to shift to the left. B) remain unchanged, and the wage rate would tend to increase. C) shift to the right, causing the labor demand curve to shift to the right. D) remain unchanged, and the wage rate would tend to decrease.
Which of the following would be a private cost to a cigarette manufacturer?
a. Price of leaf tobacco. b. Cost to the government of the hospital expenses of indigent smokers. c. Increased risk of cancer to the nonsmoking passengers in the smoker's carpool. d. Price of a pack of cigarettes. e. The loss in utility received because the smoker must stand outside her office building in the winter to smoke.