inefficient use of resources may be illustrated with a production possibility curve as: A) an inward shift of the production possibility curve. B) an outward shift of the production possibility curve. C) a point inside the production possibility curve. D) a point outside the production possibility curve. 8) Which of the following statements is CORRECT? A) When both demand and supply increase, the quantity decreases and the price might rise, fall, or remain the same. B) When both demand and supply increase, the price rises and the quantity might increase, decrease, or remain the same. C) When both demand and supply decrease, the quantity increases and the price might rise, fall, or remain the same. D) When both demand and
7) An inefficient use of resources may be illustrated with a production possibility curve as:
A) an inward shift of the production possibility curve.
B) an outward shift of the production possibility curve.
C) a point inside the production possibility curve.
D) a point outside the production possibility curve.
8) Which of the following statements is CORRECT?
A) When both
fall, or remain the same.
B) When both demand and supply increase, the price rises and the quantity might increase,
decrease, or remain the same.
C) When both demand and supply decrease, the quantity increases and the price might rise, fall, or remain the same.
D) When both demand and supply decrease, the quantity decreases and the price might
rise, fall, or remain the same.
9) Which of the following activities, if any, accurately describes the
A) The cost of the textbook used in the course.
B) The value of the time that it takes to get to campus every day.
C) The sleep or other activity that could have been enjoyed instead.
D) The time spent in enrolling in the class at the start of the term.
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