If point C is now 9 units of guns and 8 units of butter, the maximum units of guns possible to produce is 17 and the maximum units of butter possible to produce is 13, the production possibility curve would have shifted _____________ (outward/inward).
outward
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In U.S. v. U.S. Steel Corporation, the Supreme Court ruled that
a. U.S. Steel had violated the Sherman Act, particularly by organizing meetings with competitors such as the "Gary Dinners.". b. despite the fact that U.S. Steel controlled 50 percent of output in the steel industry, the company had not achieved monopoly power. c. large corporations, by definition, violate the Sherman Act. d. the Sherman Act did not apply to U.S. Steel because steel manufacturing was an activity "clothed with a public interest.".
Luke has lent his friend Mitch some money. However he underestimated the rate of inflation when they agreed to a repayment and interest schedule. Mitch will benefit from the inflation
a. True b. False Indicate whether the statement is true or false
At a price of $5, Tyrone buys 10 units of a product; when the price increases to $6, Tyrone buys 8 units. Which of the following is correct about Tyrone's behavior?
a. Tyrone's demand has decreased. b. Tyrone's demand has increased. c. Tyrone's quantity demanded has decreased, and his demand has not changed. d. Tyrone's quantity demanded has increased, and his demand has increased. e. Tyrone's demand has increased, and his quantity demanded has decreased.
Which statement about population growth is true?
a. How wealthy a country is has little impact on its population growth rate. b. A high population growth is just one possible explanation for declining standards of living. c. Population growth is naturally followed by greater economic growth. d. Population growth has no impact on economic growth or standards of living.