Assume a nation's current production possibilities are represented by the curve AB in the above diagram. Economic growth would best be indicated by a:
A. Shift in the curve from AB to CD
B. Shift in the curve from AB to EF
C. Movement from point 1 to point 2
D. Movement from point 3 to point 4
A. Shift in the curve from AB to CD
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According to the U.S. Bureau of Labor Statistics, between 2000 and 2005, real wages in concrete work fell by 16.5%, despite a soaring demand for workers
This implies that the supply of workers in this field increased faster than the demand for workers. Indicate whether the statement is true or false
According to the text, in the century prior to the Revolution, ____________ were a "strategic factor in the overall economic advance of the colonies."
a. advances in technology b. advances in manufacturing c. advances in farm equipment d. advances in shipping
The difference between short-run and long-run cost is that in the long run,
a. there are shortages of labor that can restrict output b. only labor can be changed to increase or decrease production c. fixed factors of production have already been chosen d. there are no diseconomies of scale e. all factors of production are variable
Sources of microeconomic failure that may require government intervention include all of the following except:
A.) The abuse of market power. B.) The need for private goods. C.) The need for public goods. D.) Inequities in the distribution of goods and services.