Which of the following will shift an economy's production possibilities curve outward?
A. An improvement in technology
B. An increase in the unemployment rate
C. A decrease in land, labor or capital
D. A decrease in the unemployment rate
A. An improvement in technology
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Which of the following will improve your bargaining position when contracting with a supplier
a. Your supplier merges with an another large supplier of the same product b. You redesign your product to be more feasibly accepting of many suppliers' parts c. You redesign your product so that your preferred supplier is more integral to product success d. Your supplier's chief competitor has exited the market
When price is $2
A. there is a surplus.
B. there is a shortage.
C. quantity demanded is less than quantity supplied.
D. price must fall to get to equilibrium.
How does an aggregate demand curve differ from an individual demand curve?
a. An aggregate demand curve shows the quantity demanded at various prices, whereas an individual demand curve shows the quantity demanded at different price levels. b. An aggregate demand curve deals with particular goods, whereas an individual demand curve shows the quantity demanded by a single nation. c. An aggregate demand curve deals with the economy as a whole, whereas an individual demand curve shows the quantity demanded by one person. d. An aggregate demand curve shows the changes in prices of related goods, whereas an individual demand curve shows the changes in economy-wide prices.
Most goods are normal goods, and their demand shifts to the left when income rises.
Answer the following statement true (T) or false (F)