An improvement in technology will shift the production possibilities curve
A) to the left.
B) along the curve.
C) inward.
D) to the right.
D
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Refer to the above figure. If the price level is 80
A) the total planned real expenditures by individuals, businesses, and the government are less than total planned production by firms. B) the aggregate demand curve will automatically shift leading to a stable equilibrium. C) the economy will have economic growth and the new equilibrium price level will be 80. D) the total planned real expenditures by individuals, businesses, and the government exceed total planned production by firms.
Economies of scope exist when
A) the total cost of production falls as the output increases. B) a firm hires specialized resources to produce a range of goods and services. C) a firm uses outsourcing to produce a good or service. D) the cost of producing a unit of a good falls as its output increases.
The Fed's tools are also known as
A) goals. B) intermediate targets. C) instruments. D) derivatives.
A major criticism of monopolies is that they
A.) inhibit technological innovation. B.) limit consumption choices C.) experience economies of scale. D.) Both A and B are true.