A country's production possibilities increases because the available workers become more skilled at using a computer. This is an example of growth caused by
(A) Global Resources
(B) Human Resources
(C) Production Opportunity
(D) Technology
Ans: (D) Technology
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In the above figure, the curve labeled A shifts rightward if
A) expected future profits decrease. B) the quantity of money decreases. C) the substitution effect occurs. D) taxes decrease.
Patents turn new ideas into
a. public goods, and increase the incentive to engage in research. b. public goods, but decrease the incentive to engage in research. c. private goods, and increase the incentive to engage in research. d. private goods, but decrease the incentive to engage in research.
If the marginal cost of producing a product, including the externality, is higher than the marginal cost when the externality is ignored, then which of the following must be true?
A. The production of the product generates a negative externality. B. The production of the product generates a positive externality. C. The price of the product is too high compared to what would be socially ideal. D. The production of the product is too small compared to the ideal amount.
When government revenues exceed spending, that is called a
A. balanced budget. B. budget surplus. C. negative surplus. D. budget deficit.