Technological progress directly raises output, but also slows capital deepening.
Answer the following statement true (T) or false (F)
False
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Use the figure below to answer the following question.
At equilibrium, consumer surplus would be represented by the area
A. a + b + c. B. b. C. a. D. a + b.
Microeconomics analyzes individual parts of the economy rather than broad economic aggregates
a. True b. False
The United States is the world's leading grain-producing nation. Exporting U.S. grain causes the
a. domestic consumption of grain to rise because of the added foreign demand. b. price of grain in the domestic market to fall because foreigners are now taking some of the domestic demand. c. price of grain to domestic consumers to rise because of the added foreign demand. d. standard of living of foreigners to fall because they lose purchasing power.
Which of the following statements is true?
A) The concept of opportunity costs cannot be illustrated within a PPF framework. B) If scarcity did not exist, neither would a PPF. C) All PPFs are downward-sloping straight lines. D) There are more attainable points than unattainable points in every PPF diagram.