Approximately two decades after a "baby boom," one could expect:
a. production to change from an interior point to a point along the production possibilities curve.
b. a movement along the production possibilities curve from one point to another
c. an outward shift of the production possibilities curve along both axes.
d. an inward shift of the production possibilities curve.
c
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The value of the marginal product of labor equals the marginal product of labor times the:
A. price of output. B. real wage. C. nominal wage. D. quantity of labor.
If the price level increases, everything else held constant, the ________ curve shifts to the ________
A) IS; right B) IS; left C) LM; left D) LM; right
The size of the spending multiplier depends on the level of real GDP
a. True b. False Indicate whether the statement is true or false
A consumer is in equilibrium when:
a. his or her marginal utility derived from each good is maximized. b. each dollar spent on each item provides more and more satisfaction. c. each dollar spent on each item provides less and less satisfaction. d. the last dollar spent on each item provides the same additional satisfaction as that dollar would if spent on any other item. e. his or her average utility for each item is the same.