The concavity (bowed-out shape) of the production possibilities curve is the result of:
a. the law of demand
b. the law of supply.
c. the law of increasing opportunity cost.
d. complementarily in consumption.
c
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How have U.S. imports and exports, as a fraction of GDP, changed from 1970 to the present?
What will be an ideal response?
A nation can gain from imposing a tariff on imports if it forces exporting countries
a. to raise their prices to pay the tariff. b. to lower their prices to avoid stocks of unsold goods. c. to produce at diseconomies of scale. d. to accept some imports from the tariff-imposing nation.
In the mid-1980s, in which communist country did the credo change from "From each according to his ability, to each according to his needs" to "More pay for more work, less pay for less work"?
A. The Soviet Union B. Vietnam C. Cuba D. China
Which of the following is true if there is a shortage of loanable funds?
What will be an ideal response?