Under what conditions would a nation be able to currently produce more of both consumer and capital products?
Answer: If production is currently occurring at a point inside its production possibilities curve---if there is currently some unemployment and/or underemployment.
You might also like to view...
Growth accounting is a method which measures the contributions to economic growth from what three factors?
What will be an ideal response?
Refer to the figure above. If the monopolist faces a constant marginal cost of $10, at what price should it sell its output?
A) $2 B) $10 C) $12 D) $14
Suppose the wage rate in a certain industry rises, yet firms hire more workers. The best explanation of this is that labor:
A. demand fell. B. demand increased. C. supply fell. D. supply increased.
Suppose there was a substantial increase in political instability in the rest of the world. What would be the effects on the U.S. current account? Explain
What will be an ideal response?