The production possibilities curve is bowed outward from the origin because of
a. the law of increasing costs
b. the finite nature of the resource base
c. inefficiency
d. improper output mix
e. unemployment
A
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As more women decide to work outside the home and therefore hire others to work around their home, GDP will increase by
A) only the value of the household work they are now hiring someone to perform. B) the value of the output produced by the newly working women minus the value of the household work they were previously performing. C) the value of the output produced by the newly working women plus the value of any household work they are now hiring someone to perform. D) only the value of the output produced by the newly working women. E) the value of the household work they were previously performing minus the value of the output produced by the newly working women.
If aggregate planned expenditure equals GDP, then
A) firms' inventories exceed planned inventories. B) firms' inventories equal planned inventories. C) firms' inventories are less than planned inventories. D) firms' actual investment has no relationship to their planned investment. E) firms do not have any inventories.
Which of the following is an example of the First World?
a. The West European countries b. The Middle East countries c. The South Asian countries d. The African countries e. The Latin American countries
If the purchasing power of the dollar is falling, then it follows that:
A. The price index is falling B. The price index is rising C. Nominal incomes are falling D. Interest rates are rising