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Author Question: How does an economy represented by a straight-line production possibilities curve differ from one ... (Read 126 times)

fahad

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on: Jun 29, 2018
How does an economy represented by a straight-line production possibilities curve differ from one represented by a traditional production possibilities curve with a bowed shape?
 
  A) In the economy represented by a straight-line production possibilities curve, there is no opportunity cost.
  B) In the economy represented by a straight-line production possibilities curve, neither good is scarce.
  C) In the economy represented by a straight-line production possibilities curve, the law of increasing relative cost does not apply.
  D) In the economy represented by a straight-line production possibilities curve, changing the amount of resources devoted to the production of each good will not alter the amount of each good actually produced.

Question 2

Ad valorem taxes
 
  A) are not used in the United States.
  B) are assessed as a percentage of a good's price.
  C) are based on income levels.
  D) are applied only to imports.


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coyin

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

B


fahad

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Reply #2 on: Jun 29, 2018
Thank you :)


coyin

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Reply #3 on: Jun 29, 2018
Happy to help you


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