Which of the following policies is most likely to encourage long-run economic growth in a country?
A. An embargo on high technology imports
B. an increase in the per capita savings rate
C. an increase in the government transfer payments
D. a decrease in the number of immigrants to the country
Ans: B. an increase in the per capita savings rate
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An increase in the number of suppliers in a market results in a
A) movement up along the supply curve. B) rightward shift in the supply curve. C) leftward shift in the supply curve. D) Both answers A and C are correct.
A production possibilities curve shows the:
a. dollar costs of producing two different goods. b. amounts of labor and capital needed to produce one good. c. various combinations of goods that can be produced. d. prices of different goods that are produced in an economy. e. inefficient use of available resources and technology.
Which statement most accurately describes what happens when both supply and demand curves shift?
a. When both curves shift, typically we can determine the overall effect on price and on quantity. b. When both curves shift, typically we can determine the overall effect on price but not on quantity. c. When both curves shift, typically we can determine the overall effect on price or on quantity, but not on both. d. When both curves shift, typically we can determine the overall effect on quantity, but not on price.
Refer to the information provided in Figure 33.2 below to answer the question(s) that follow.
Figure 33.2Refer to Figure 33.2. England has
A. a comparative advantage in producing cars. B. no comparative advantage in producing either cars or trucks. C. a comparative advantage in producing trucks. D. an absolute advantage in producing cars.