Economic growth is shown by
A) a point near the top of the production possibilities curve.
B) a point outside the production possibilities curve.
C) an inward shift of the production possibilities curve.
D) an outward shift of the production possibilities curve.
D
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The goal of a gold standard is to
A) return money back to its natural state. B) shift wealth from the middle class to the rich. C) reduce uncertainty by limiting the power of the Federal Reserve to increase the amount of money in circulation. D) conserve on natural resources, such as pulpwood, used to make paper money.
Refer to Table 2-9. Does either Japan or Thailand have an absolute advantage and if so, in what product?
A) Thailand has an absolute advantage in rice. B) Japan has an absolute advantage in wristwatches. C) Japan has an absolute advantage in rice. D) Thailand has an absolute advantage in both products.
A situation in which the price charged is greater than society's opportunity cost would lead to
A) market failure. B) marginal monopoly pricing. C) marginal profits. D) marginal cost pricing.
Empirical analysis uses ______ to test a hypothesis.
a. subjectivity b. data c. rationality d. correlation