On a production possibilities curve, the single optimal or best combination of output for any society:
A. Is at a point near the top of the curve
B. Is at the precise midpoint of the curve
C. Is at a point near the bottom of the curve
D. Depends upon the preferences of society
Answer: D
Economics
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Based on the table above which shows Chip's costs, if Chip shuts down in the short run, his total cost will be
A) $0. B) $1,000. C) $1,200. D) $4,000.
Economics
The gold standard probably made the Great Depression more severe in the United States because
A) the value of gold declined sharply during those years. B) the existence of the gold standard kept prices from falling. C) the money supply in the United States increased rapidly as gold flowed into the country. D) the Fed attempted to reduce gold outflows by raising the discount rate.
Economics