Which of the following is true about a nation’s production possibilities curve?
a. a point inside the curve is a combination of products that is currently impossible to produce.
b. a point outside the curve is a combination of products that is below capacity.
c. a rightward shift of the curve illustrates economic growth.
d. full employment is illustrated by a point inside the curve.
c. a rightward shift of the curve illustrates economic growth.
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When comparing the composition of world trade in the early 20th century to the early 21st century, we find major compositional changes. These include a relative decline in trade in agricultural and primary-products (including raw materials)
How would you explain this in terms of broad historical developments during this period?
Choice architecture can:
A. alter actual decisions and thus the ultimate outcomes. B. make it easier for people to make choices that will make them happier in the long run. C. help people make better choices without eliminating free choice. D. All of these statements are true.
Mao Tse-tung was responsible for
A. both the Great Leap Forward and the Cultural Revolution. B. neither the Great Leap Forward nor the Cultural Revolution. C. the Great Leap Forward, but not the Cultural Revolution. D. the Cultural Revolution, but not the Great Leap Forward.
Video rental stores in cities are an illustration of:
a. perfect competition. b. monopolistic competition. c. monopoly. d. oligopoly.