02 Jun Question Question 1 4 points Save A country’s consumption possibilities frontie
Question
Question 1 4 points Save
A country’s consumption possibilities frontier can be outside its production possibilities frontier if
additional resources become available.
there is an increase in the level of technology.
the country engages in trade.
All of the above are correct.
Question 2 4 points Save
The principle of comparative advantage as we know it today was developed by
Harry Truman.
David Ricardo.
John Maynard Keynes.
Adam Smith.
Question 3 4 points Save
A rational decision maker
ignores marginal changes and focuses instead on “the big picture.”
takes an action only if the marginal benefit of that action exceeds the marginal cost of that action.
ignores the likely effects of government policies when he or she makes choices.
takes an action only if the combined benefits of that action and previous actions exceed the combined costs of that action and previous actions.
Question 4 4 points Save
Economists consider normative statements to be
descriptive, making a claim about how the world is.
statements about the normal condition of the world.
statements that establish production goals for the economy.
prescriptive, making a claim about how the world ought to be.
Question 5 4 points Save
The burden of a luxury tax falls
more on the rich than on the middle class.
more on the poor than on the rich.
more on the middle class than on the rich.
equally on the rich, the middle class, and the poor.
Question 6 4 points Save
A technological advancement will shift the
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