On a diagram of a production possibilities frontier, economic decline (negative growth) is represented by the production possibilities frontier shifting inward
Indicate whether the statement is true or false
TRUE
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An upward-sloping supply curve shows that
A. buyers are willing to pay more for a scarce product. B. suppliers are willing to increase production of their goods if they can receive higher prices for them. C. buyers are unaffected by sellers’ costs of production. D. the price of a product is not influenced by the price buyers are willing to pay. E. at higher prices, an envy effect begins to affect the demand curve.
To measure the change in the standard of living, it is best to use the growth rate
A) from the Rule of 70. B) of the price level. C) of real GDP per person. D) of real GDP. E) of the population.
In the economic way of thinking, an example of "capital" might include
A) literacy. B) natural resources. C) knowledge. D) stable rules of the game. E) all of the above.
The IMF's approach to structural adjustment usually
a. placed priority on growth-related investments b. eased conditions by providing subsidies for goods consumed by the poor c. aimed to switch production from goods consumed domestically to goods intended for export d. focused on governments switching expenditure from defense spending to job creation e. all of the above