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A countrys consumption possibilities frontier can be outside

Resolved Question:

A country's consumption possibilities frontier can be outside its production possibilities frontier if __________.

A. the country imports more than it exports
B. the citizens of the country have a greater desire to consume goods and services than do the citizens of other countries
C. the country engages in trade
D. the country’s technology is superior to the technologies of other countries

16) Assume oligopoly firms are profit maximizers, they do not form a cartel, and they take other firms' production levels as given. Then in equilibrium the output effect __________.

A. can be larger or smaller than the price effect
B. must be smaller than the price effect
C. must balance with the price effect
D. must dominate the price effect

17) In economics, the cost of something is __________.

A. often impossible to quantify, even in principle
B. always measured in units of time given up to get it
C. what you give up to get it
D. the dollar amount of obtaining it

18) Lekeisha's income exceeds her expenditures. Lekeisha is a __________.

A. borrower who supplies money to the financial system
B. saver who supplies money to the financial system
C. borrower who demands money from the financial system
D. saver who demands money from the financial system

19) Without trade, __________.

A. interdependence is more extensive than it would be with trade
B. a country's production possibilities frontier is also its consumption possibilities frontier
C. a country can still benefit from international specialization
D. a country is better off because it will have to learn to be self-sufficient without trade

20) A tax on an imported good is called a __________.

A. trade tax
B. tariff
C. supply tax
D. quota

21) There are two types of markets in which firms face some competition yet are still able to have some control over the prices of their products. The names given to these market structures are __________.

A. duopoly and imperfect competition
B. duopoly and triopoly
C. perfect competition and monopolistic competition
D. monopolistic competition and oligopoly
Submitted: 5 years ago.
Category: Homework
Expert:  Mr. Gregory White replied 5 years ago.

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