The slope of the production possibility frontier shows:
a. the marginal rate of substitution between the two goods.
b. the relative marginal costs of the two goods.
c. the efficient combination of outputs possible using fixed amounts of input.
d. the relative marginal productivities of the two goods.
b
Economics
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At the end of the 18th century, approximately _______ percent of the American people earned a major portion of their income by farming
a. 25 b. 50 c. 70 d. 90
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If income rises and the demand for toothbrushes stays the same, income elasticity of toothbrushes is said to be unit elastic
a. True b. False
Economics