An increase in capital goods and a decrease in consumer goods will:
A) eventually lead to a shift to the right of the production possibilities curve.
B) increase a nation's capacity to produce.
C) lead to more rapid economic growth.
D) do all of the above.
Ans: D) do all of the above.
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Why not designate the poorest 10 percent of the population as the official measure of poverty?
Say's law, flexible wages and prices, and the quantity of money were all basic tenets of the _____ school of economics.
A. classical B. supply-side C. Keynesian D. economic behaviorists
Suppose that the maximum price for rent in New York City is set above the equilibrium price. Which of the following statements is incorrect?
A. It reduces the quantity supplied. B. It increases the quantity demanded. C. Consumers want to buy more than producers want to sell. D. All of these are incorrect.
Demonstrating how an economic variable changes from one year to the next is best illustrated by a
A) time-series graph. B) scatter diagram. C) Venn diagram. D) linear graph. E) cross-section graph.