Adding more resources causes:
A. downward movement along a production possibilities curve.
B. the production possibilities curve to shift in.
C. upward movement along a production possibilities curve.
D. the production possibilities curve to shift out.
Answer: D
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Which of the following is included in U.S. GDP?
i. the rental value of homes owned by U.S. citizens ii. the production of Suburban SUVs by GM in its plant in Mexico iii. tickets sold by U2 for concerts held in the United States A) ii only B) ii and iii C) i, ii and iii D) i and iii E) i only
Potential GDP measures the capacity of the economy in terms of the actual goods and services to be produced
Indicate whether the statement is true or false
If living standards in a country, as measured by output per person, decrease, then total output must have:
A. decreased more slowly than population decreased. B. increased more slowly than population increased. C. increased more rapidly than population increased. D. increased at the same rate that population increased.
Nominal GDP for a year in the U.S. is currently closest to which of the following figures?
A) $1.5 trillion B) $8.5 trillion C) $18.5 trillion D) $28.5 trillion