When there is an improvement in technology, holding all else constant,
a. the production possibilities frontier will shift inward
b. society faces larger opportunity costs from shifting productive resources from one use to another
c. goods and services will increase in price
d. the economy must have some idle resources
e. the production possibilities frontier will shift outward
E
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As a group, oligopolists would always earn the highest profit if they would
a. produce the competitive quantity of output. b. produce more than the competitive quantity of output. c. charge the same price that a monopolist would charge if the market were a monopoly. d. operate according to their own individual self-interests.
Figure 9-17 shows that for this perfectly competitive firm, the profit-maximizing output level is
a. 0. b. 25. c. 75. d. 200.
Which of the following would be most likely to cause the per capita income of less-developed countries to rise?
A. development of strong labor unions B. more rapid population growth C. investment expenditures that enhance the human capital of labor force participants D. an international minimum wage law
The investment function is represented by
A. an inverse relationship between the interest rate and the value of planned investment. B. the inverse relationship between planned investment and unplanned investment. C. the direct relationship between planned investment and real GDP (gross domestic product). D. the direct relationship between the interest rate and the value of planned investment.