Refer to the above graph. If the production possibilities curve of an economy shifts from AB to CD, it is most likely caused by which of the following factors?
A. A decrease in the price level
B. Allocative efficiency
C. Technological progress
D. Full employment of resources
C. Technological progress
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Productivity is the
a. key determinant of living standards, and growth in productivity is the key determinant of growth in living standards. b. key determinant of living standards, but growth in productivity is not the key determinant of growth in living standards. c. not the key determinant of living standards, but growth in productivity is the key determinant of growth in living standards. d. not the key determinant of living standards, and growth in productivity is not the key determinant of growth in living standards.
Applied to any investment, the phrase "there's no such thing as a free lunch" means that higher returns come with lower risks, and lower returns come with higher risks
Indicate whether the statement is true or false
The Federal Reserve System was established in which year?
A. 1913 B. 1929 C. 1865 D. 1965
Which of the following is TRUE for a monopolistically competitive firm?
A. MR = AFC B. MR > P C. MR < P D. MR = P