If a country's production possibilities curve gets more bowed out over time, it is an indication that
A. the quantity of labor and capital have increased.
B. technological change has taken place.
C. society is learning to use its resources more efficiently.
D. resources have become more highly specialized.
Answer: D
You might also like to view...
Consider the statement, "The number of beers consumed the night before a test affects the grade." In this statement
A) beer is the dependent variable and test grade is the independent variable. B) beer is the independent variable and test grade is the dependent variable. C) both beer and grade are dependent variables. D) both beer and grade are independent variables.
Suppose at the current level of labor used, MRP = $10 and MFC = $10. To maximize profits, the firm should
A. maintain the current level of labor. B. shut down. C. reduce the level of labor. D. hire more labor.
Indifference curves tend to be convex because ________
A) they are bowed inwards toward the origin B) consumers dislike large fluctuations in consumption from one period to the next C) of the gap between real and nominal interest rates D) the marginal rate of substitution exceeds the price effect
Using Figure 3 below, suppose that the economy was at Y1. This level of GDP would be considered:
A. inflationary.
B. recessionary.
C. a long run level of output.
D. a natural rate of output.