A production possibilities frontier can shift outward if
A. government increases the amount of money in the economy.
B. there is a technological improvement.
C. resources are shifted from the production of one good to the production of the other gooD.
D. the economy abandons inefficient production methods in favor of efficient production methods.
When each person specializes in producing the good in which he or she has a comparative advantage, total production in the economy
A. falls.
B. stays the same.
C. rises.
D. may fall, rise, or stay the same.
Which of the following is likely to have the most price elastic demand?
A. ice cream
B. frozen yogurt
C. vanilla ice cream
D. Häagen-Dazs ® vanilla bean ice cream
A price ceiling will be binding only if it is set
A. equal to the equilibrium price.
B. above the equilibrium price.
C. below the equilibrium price.
D. either above or below the equilibrium price.
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