Economic theory indicates that as any economic agent tries to extend any productive activity further, it becomes increasing more difficult to do so. What is this particular theory called? Select one: a. Law of Comparative Advantage O b. Law of Demand c. Law of Ceteris Paribus d. Law of Diminishing Returns

While producing on the production possibilities frontier. if additional units of a good could be produced at a constant opportunity cost, the production possibilities frontier would be Select one: O a. boswed outward. O b.a straight line. O c bowed inward. O d. positively sloped.

QUESTION 16 After much consideration, you have chosen Salalah over Baku as your Eid Break destination this year. However, Eid Break is still a week away, and you may reverse this decision. Which of the following events would prompt you to reverse this decision? O A. The marginal benefit of going to Salalah increases OB. The marginal cost of going to Baku decreases OC. The marginal cost of going to Salalah decreases OD. The marginal benefit of going to Baku decreases

Question 14 The illustrates the various combinations of output that a society can produce if all of its resources are being used efficiently. O production possibilities frontier (PPF) O law of positive statements O principle of comparative advantage concept of absolute advantage O law of demand

a. Consider the following statement: "The market system is a profit-and-loss system." This statement is O false, because the market system does much more than provide profits and losses. O true, because consumers purchase only what they want, producers will earn profits. O true, because producer decisions are motivated by the attempt to earn profits. O false, because consumers purchase only what they want, producers will earn profits.

Question 17 A graph that shows the maximum attainable combinations of two goods when society efficiently uses its productive resources is called a supply curve. opportunity cost. a production possibilities frontier (PPF). O absolute advantage. a consumer demand curve.

QUESTION 1 To ensure that trade benefits all parties involved, a, the trade must involve services as well as goods. b. the trade must be voluntary. c. there must be a difference in comparative advantage. d. specialization through training must occur. O e. money must be exchanged. QUESTION 2 When is marginal analysis needed to make a decision? a, when the choice is between doing more or less of something b. when the choice is between doing something and not doing something c. when the choice is between actions with a quantifiable monetary value d. when the choice is between actions that cannot be assigned a monetary value e. when the choice is between doing something and doing the exact opposite

The marginal benefit of an additional beach towel is $8. The marginal cost of producing an additional beach towel is $12. If producers are not minimizing the average costs of production, then we can conclude beach towel production is neither allocatively nor productively efficient. beach towel production is allocatively efficient but not productively efficient O beach towel production is both allocatively and productively efficient. O beach towel production is not allocatively efficient but is productively efficient.

The leader of a federal political party made the following campaign promise: "My administration will increase national defense without requiring sacrifices elsewhere in the economy." The promise can only be kept if: O a) the economy moves along the production possibilities in the direction of a greater quantity of defense. b) This can only happen if the point of production of the economy shifts outwards. Oc) This could never happen. d) This will always happen..

Please choose the correct answer?