If the general education level within a country rises significantly over time, it is likely that:
a. the country will move to a different point along its current production possibilities curve.
b. the country's production possibilities curve will not change in any way.
c. the country's production possibilities curve will shift in.
d. the country's production possibilities curve will shift out.
e. the country's production possibilities curve will become convex to the origin.
d
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What will be an ideal response?
The factor of production that is always fixed in the short run is
a. the amount of raw materials b. the size of the physical plant c. the number of workers d. energy costs e. quantity of output
In the short run, a perfectly competitive firm can make a profit, a loss, or shut down
a. True b. False Indicate whether the statement is true or false
The indifference curves for nickels and dimes will be
A. a straight line with negative slope. B. a straight line with positive slope. C. concave. D. L-shaped.