Economic growth can be pictured in a production possibilities curve diagram by
A) shifting the production possibilities curve in.
B) shifting the production possibilities curve out.
C) making the production possibilities curve straighter.
D) moving from a point inside the production possibilities curve to a point on the curve.
B
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Available evidence about price adjustments across U.S. industries indicates that
A) prices are very sticky in all industries. B) prices are equally flexible in all industries. C) prices are very flexible in all industries. D) there is considerable variation in price flexibility across industries.
Higher input prices result in
A) upward shifts of MC and reductions in output. B) upward shifts of MC and increases in output. C) downward shifts of MC and reductions in output. D) downward shifts of MC and increases in output. E) increased demand for the good the input is used for.
Which of the following groups had the highest median income in the U.S. in 2008?
A. Hispanic B. White (non-Hispanic) C. Asian D. Black
If doubling the quantity of inputs more than doubles the quantity of outputs, the firm is experiencing
a. increasing returns to scale. b. decreasing returns to scale. c. constant returns to scale. d. increasing costs per unit of output.