When we cannot produce more of any good without giving up some other good that we value more highly, we have achieved
A) production.
B) equity.
C) allocative efficiency.
D) the production point where the marginal benefit exceeds the marginal cost by as much as possible.
C
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If the balance on the current account is $842 billion and the balance on the financial account is -$603 billion, what is the balance on the capital account, assuming no statistical discrepancy?
A) $1,445 billion B) $239 billion C) $0 D) -$239 billion
Explain how the decrease in the birthrate may lower economic growth
Please provide the best answer for the statement.
Based on Table 3.1, trade between the United States and Mexico will occur as long as the relative price of shoes is between
A) three computers and one computer. B) three computers and two computers. C) one-half computer and one-third computer. D) six computers and three computers. E) None of the above.
Graphically, economic growth is represented as
A) a movement along the production possibilities curve. B) a movement from a point inside the production possibilities curve to a point on the curve itself. C) an inward shift of the production possibilities curve. D) an outward shift of the production possibilities curve.