Chapter 21 Tracking the U.S. Economy
1. Which of the following is the best indicator of the performance of the national economy?
a. the federal government budget deficit
b. the stock of capital goods (machinery) in the nation
c. the size o
Production Possibilities, Opportunity Cost, and Economic Growth
1. Which of the following best describes the three fundamental economic questions?
a. What to produce, when to produce, and where to produce.
b. What time to produce, what place to
CHAPTER 2SCARCITY, CHOICE, AND ECONOMIC SYSTEMS
1. When opportunity costs rise as more of a good is consumed, the production possibilities frontier will
be concave (bowed out) with respect to the origin.