Which of the following would shift a nation's production possibilities frontier outward?
A) discovering a cheaper way to convert sunshine into electricity
B) an increase in demand for the nation's products
C) a decrease in the unemployment rate
D) a law requiring workers to retire at age 50
Answer: A
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If the four-firm concentration ratio for the market for pizza is 28 percent, then this industry is best characterized as
A) a monopoly. B) monopolistic competition. C) an oligopoly. D) perfect competition. E) oligopolistic competition.
Describe the costs of deforestation
What will be an ideal response?
The infant-industry argument about tariffs argues that:
a. it is unfair to levy tariffs on items intended for use by infants. b. tariffs should be levied on foreign products that compete with new domestic industries only in the short run. c. if a newly established domestic industry can survive in the short run, a tariff should be levied to protect it from foreign competition in the long run. d. permanent tariffs should be levied on foreign products that compete with those produced by newly established domestic industries.
An oligopoly is a market: a. dominated by a few buyers. b. dominated by one buyer
c. dominated by a few sellers. d. with many sellers.