How is economic growth shown in a production possibilities frontier graph?
What will be an ideal response?
Economic growth is illustrated as an outward shift of the PPF.
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Corporate profits are taxed twice because
A) taxes are collected on profits before profits are distributed to shareholders. B) the government wants to minimize the amount of tax paid on capital gains. C) it is economically efficient to reduce the amount of retained earnings. D) capital gains are not indexed to the rate of inflation.
The difference between the total amount that people would have been willing to pay for the total quantity produced and consumed in a market and what they actually pay at the market clearing price is called
A) production excess. B) excess demand. C) market surplus. D) consumer surplus.
A monopolist who is maximizing profits produces to the point at which
A) marginal cost and average total cost are equal. B) price, marginal cost and average variable cost are equal. C) price is greater than marginal cost. D) price is greater than average total cost.
If people who have children also tend to own dogs, we can say there is a positive correlation between having children and dog ownership.
Answer the following statement true (T) or false (F)