) Listen Some points on the production possibility curve represent less than full employment and thus the optimal combination of resources should be found based on a society's resource endowments. True False
) Listen Some points on the production possibility curve represent less than full employment and thus the optimal combination of resources should be found based on a society's resource endowments. True False
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
![) Listen
Some points on the production possibility curve represent less than full employment and thus the optimal
combination of resources should be found based on a society's resource endowments.
True
False
Listen
The statement in a newspaper that "consumer prices rose last month by 1 percent,
and if this trend continues, the annual rate of inflation will be 12 percent for the
year" is an example of a normative economic statement.
1) True
2) False
) Listen
A society will put more investment on consumer goods than capital goods if it values more of present
happiness than future happiness.
True
False
Listen
Budget lines and production possibility curves have a common assumption of increasing opportunity costs.
True
O False
Listen
As long as marginal benefit exceeds marginal cost, any economic activity is optimal.
1) True
2) False](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb70c4797-9104-47ad-8e68-22beb89abcaa%2Ffe230b5e-dc40-4a88-b67f-c16b62abb096%2Fgtfdtm_processed.png&w=3840&q=75)
Transcribed Image Text:) Listen
Some points on the production possibility curve represent less than full employment and thus the optimal
combination of resources should be found based on a society's resource endowments.
True
False
Listen
The statement in a newspaper that "consumer prices rose last month by 1 percent,
and if this trend continues, the annual rate of inflation will be 12 percent for the
year" is an example of a normative economic statement.
1) True
2) False
) Listen
A society will put more investment on consumer goods than capital goods if it values more of present
happiness than future happiness.
True
False
Listen
Budget lines and production possibility curves have a common assumption of increasing opportunity costs.
True
O False
Listen
As long as marginal benefit exceeds marginal cost, any economic activity is optimal.
1) True
2) False
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