What causes a production possibilities frontier to shift inward?
What will be an ideal response?
A production possibilities curve shifts inward with economic decline, or negative growth. This occurs with a decrease in resources or a negative technology change.
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Use the following information to answer the next question.C = A + .875(Y - T)A = $10,000I = $2,000G = $2,500T = $1,000NX = $1,025What is the equilibrium level of real GDP?
A. $117,200 B. $116,200 C. $132,200 D. $16,525
The ethnocentric view that most new products are developed and introduced in the US is a key weakness in the ______ theory.
Fill in the blank(s) with the appropriate word(s).
Figure 6.2 shows the cost structure of a firm in a perfectly competitive market. Suppose that market price falls to $6. If the firm produces at an output level that causes it to suffer an economic loss of $120, its average total cost (X) is:
A. $8. B. $7.50. C. $6.50. D. $4.
The Social Security system in the United States was introduced in which year?
A) 1915 B) 1935 C) 1945 D) 1955 E) none of the above