Answer the following questions from the chapter: The curved shape of the product

ID: 1166303 • Letter: A

Question

Answer the following questions from the chapter:

The curved shape of the production possibilities frontier is due to:

Select one:

a. law of diminishing returns

b. law of diminishing marginal utility

c. allocative efficiency

d. productive efficiency

The study about how the Federal Reserve sets the interest rate is an example of which type of economics:

Select one:

a. Microeconomics

b. Macroeconomics

c. Industrial Economics

d. Public Finance

What happens to the market for corn if there is a drought that affects corn growers?

Select one:

a. A rightward shift in supply, a decrease in price, and an increase in quantity

b. A leftward shift in supply, an increase in price, and a decrease in quantity

c. A decrease in supply, an increase in demand, and an increase in price

d. A decrease in supply, a decrease in demand, and a decrease in price

The curved shape of the production possibilities frontier is due to:

a. law of diminishing returns

__________________________________________________________________________________

The study about how the Federal Reserve sets the interest rate is an example of which type of economics:

b. Macroeconomics

__________________________________________________________________________________

What happens to the market for corn if there is a drought that affects corn growers?

c. A decrease in supply, an increase in demand, and an increase in price

__________________________________________________________________________________

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.