A production possibilities curve will shift inward
A) when the unemployment rate increases.
B) when production is inefficient.
C) when resources are expanding.
D) when a war destroys the capital goods of a country.
D
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Which of the following statements is true?
A) Normative statements depend on personal preferences. B) Normative economic statements can be confirmed or disproven. C) Positive economics recommends what people ought to do. D) Positive economics deals with issues that are subjective.
A ________ in the long-run real interest rate ________ household's demand for durable goods
A) fall; increases B) rise; increases C) rise; does not affect D) fall; lowers
The above table gives data on two variables. If these data were graphed, the slope of the line would be
A) 1. B) -2. C) 2. D) -4.
The more time people have to adjust to a price change:
A. will not affect the elasticity of their response unless it is a luxury good. B. the less elastic their demand will be. C. the more elastic their demand will be. D. will not affect the elasticity of their response unless the good is a necessity.